2015.01.2202:40:02UTC+00 Uber to raise $1.6 billion in convertible debt: source

Uber, an online ride-sharing company, raised $1.6 billion in convertible debt from wealth management clients of Goldman Sachs Group Inc (GS.N), a person familiar with the news told Reuters.

Uber lets people bid 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, said Bloomberg.

The company is also in talks to raise $600 million under its series E funding round, the source told Reuters.

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