PayPal invests $500 million in ride-hailing app Uber

American online payments platform PayPal has agreed to invest $500 million in Uber through a private placement of shares. "I am thrilled to announce that we've reached an agreement...and intend to explore future commercial payment collaborations, including the development of Uber’s digital wallet," PayPal's CEO Dan Schulman said. As per SEC filings, the deal is subject to some closing conditions.