Dropbox reportedly receives over $500 million in credit financing

Posted Apr 7, 2014

Dropbox has received a credit facility of over $500 million, according to Re/code. Dropbox raised $350 million in equity funding at a $10 billion valuation earlier this year. Dropbox will likely use the credit financing to improve infrastructure and maintain a lead in the competitive online storage market. Dropbox competes against storage services offered by Box, Microsoft, Apple and Google. The credit facility was led by JPMorgan. Dropbox is expected to announce new features on Wednesday. Stay tuned to find out what the company announces.