PayPal agrees to invest $500M in Uber as it extends partnership

It's supported Uber payments since 2013.

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PayPal is extending its partnership with Uber to the tune of $500 million.

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PayPal on Friday revealed that it'll pump $500 million into Uber as it extends a partnership the companies have maintained since 2013.

As part of the extension, the online payment company will look into developing the ride-hailing service's digital wallet.

PayPal boss Dan Schulman mentioned that deal in a LinkedIn post early Friday.

"This is another significant milestone on our journey to be a platform partner of choice, helping to enable global commerce by connecting the world's leading marketplaces and payment networks," he wrote.

Uber didn't immediately respond to request for comment on the PayPal announcement.

Earlier this month, the company's self-driving tech group got a $1 billion investment led by Toyota and it publicly filed with the US Securities and Exchange Commission for a potential $120 billion initial public offering. On Friday, it set an IPO price range of $44 to $50 a share.

Watch this: How to use PayPal in the iOS App Store