Uber to raise US$1.6 billion in convertible debt: source

[NEW YORK] Online ride-sharing company Uber Technologies Inc has raised US$1.6 billion in convertible debt from wealth management clients of Goldman Sachs Group Inc, a person familiar with the matter told Reuters.

The US car service, which allows people to summon rides at the touch of a button, plans to use the money to build its presence in international markets, improve safety and invest in research and development, according to Bloomberg, which first reported the news. The company is also in talks to raise US$600 million under its series E funding round, the source told Reuters.

Uber said in December that it raised US$1.2 billion in its latest round of funding and had additional capacity for strategic investments, valuing the US taxi service firm at US$40 billion.

A spokesperson for Goldman Sachs confirmed the news.

An Uber spokesman did not respond to an email asking for comment.

REUTERS