Japanese e-commerce company Rakuten Inc. is investing an additional $92 million in Cabify, one of the biggest ride-hailing companies in Latin America, Cabify’s chief executive said.
Cabify operates in Spain, Mexico, Chile, Colombia and Peru, and plans to use the fresh cash to expand into major Latin American cities including São Paulo, Rio de Janeiro and Buenos Aires, as well as some new cities in Europe.
“Cabify is rapidly consolidating its position with a very systematic and disruptive approach and Rakuten is passionate about empowering leadership in innovation. Cabify has an outstanding management team led by Juan de Antonio, whose vision uniquely places Cabify in a position to enter the next level of technological competition,” said Oskar Mielczarek de la Miel, MD at the Rakuten FinTech Fund, and a board member at Cabify.
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