Cabify has closed an eyebrow-raising $120m investment round, led by Japan-based ecommerce company Rakuten according to reports.

The Madrid-based, taxi-hailing service has received funding from Rakuten before, with the company leading a $12m round in October.

At the time, the funding was said to be to further push Cabify in Latin America, while this latest round is also for expansion. The company is already present in Chile, Colombia, Mexico, and Peru as well as Spain.

Worth remembering that Cabify received early investment from Amadeus Ventures, the distribution giant’s fund for early-stage startups. Amadeus has now exited that investment, saying that the taxi company had reached a level of maturity.

While the Series C round is sizable, it doesn’t really come near the sums raised by rivals such asUber’s recent $200m round and Lyft’s year-ago $530m raise.

Tnooz has contacted Cabify for further details.

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