Uber is seeking $1bn line of credit from banks
Car service app Uber is asking for a $1bn credit line from numerous banks, people familiar with the subject told the Wall Street Journal.
Source: Uber
The company has recently reached out to a a number of large banks, asking them how much they would be willing to commit to the loan.
The people added that about six to seven banks are expected to be part of the deal.
The move could signal an initial public offering (IPO), though people familiar with the subject told the Journal that an IPO isn’t imminent for the company. One said it might not happen until next year at the earliest.
Last year, Uber brought in about $400m in revenue, according to the Journal.