PayPal's latest mega-investment in Uber signals growing global ambitions

PayPal is on a spending spree. Its latest mega-investment in Uber this week hints at a larger strategy to compete abroad.

Uber operates in more than 60 countries, and 400 cities. PayPal has a global footprint, too. It's available in more than 200 countries and regions and supports 25 currencies. By handling payments on the back-end for Uber, the company is positioning itself to benefit from some of some of Uber's potential growth.

Shares of PayPal have been on a tear this year. The stock is up 30% year to date, and has rallied more than 44% year over year. It began as a pure e-commerce play and the payment option for eBay, which bought PayPal in 2002. Its founders and early employees include Elon Musk, Peter Thiel, Reid Hoffman, Max Levchin, and other members of what's sometimes known as the"PayPal Mafia."

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