Maxi Mobility has raised $160m from investors including Softbank’s Japanese rival Rakuten, as the Spanish start-up behind ride-hailing app Cabify braces itself against competition in its biggest Latin American markets.

The investment, which comes after the sale of Brazilian car-booking app 99 this month, will value the business at $1.4bn and bolster both Cabify and Maxi Mobility’s peer-to-peer transport service Easy Taxi as competition increases from Uber and other rivals.

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