PayPal CEO Dan Schulman Photograph by Kevin Moloney / Fortune Brainstorm Tech

Ahead of an IPO, Uber and PayPal have reached an agreement to extend their global payments partnership, with the latter agreeing to invest $500 million in the ride-hailing company. PayPal is paying $47 per share for a $500 million stake in Uber, giving the company a valuation of $78.8 billion.

This purchase is similar to one made by Salesforce in video-conferencing company Zoom ahead of its just recent public market debut. Salesforce invested $100 million in Zoom before the company debuted on the Nasdaq Stock Market. PayPal’s Uber investment was announced by CEO Dan Schulman in a LinkedIn post and also made known in Uber’s S-1 filing.

Uber COO Barney Harford image: Uber

Schulman’s post said both companies “intend to explore future commercial payment collaborations,”, including working on Uber’s digital wallet. Not much was made known in the announcement. Uber is set to debut soon on the public markets along with other companies like Slack and Fastly which recently filed for IPOs.

Slack and Uber have something in common, both backed by the Softbank Vision Fund. The fund holds a 7.3% stake in Slack and 16.3% of Uber. It has also backed other companies like OakNorth, Opendoor, Automation Anywhere, Grab, View, Cohesity, Guazi, and Klook.