Taxi firm Uber has reportedly raised $1.6 billion following a deal with Goldman Sachs Wealth Management clients.

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The money will be converted into an equity stake in the company when Uber decides to go public, the Verge reported.

Uber’s value was pushed to $40 billion this past December after it raised $1.2 billion in financing. 

The report said that people backing this loan believe it will be worth many times that at its inevitable IPO.