Uber Seeking $1B Line Of Credit

Uber is shopping around for a $1 billion line of credit? That's craziness. Imagine what you could do with a line of credit a tenth of that size.

Car-hailing service Uber is taking a step toward an initial public offering, a new report claims. Uber has been meeting with banks to raise a $1 billion line of credit, the Wall Street Journal reported Friday, citing people who claim to have knowledge of its plans.

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Probably looking for money to buy Nokia's mapping unit.

Steve said:

Uber is shopping around for a $1 billion line of credit? That's craziness. Imagine what you could do with a line of credit a tenth of that size.

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Hell. I'd take a thousandths.

I'm sure its for some type of delivery service. That's the expansion they want.

LOCs are the equivalent of a giant corporate credit card. You can spend and pay off as much as you want, within the limit until it expires. They technically don't ever have to borrow a dime from it.

DPI said:

I'm sure its for some type of delivery service. That's the expansion they want.

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As mentioned above, there is currently a bidding war going on for Nokia's mapping unit, and Uber is one of the favorites to win it.

The European car makers desperately want in on the action too (their primary motivation is that they rely on Nokia maps for their integrated GPS systems, and don't want the status quo to change) but they can't spend as much as a tech startup can.