The Rakuten-backed ride hailing service, valued at $320m as of April 2016, is reportedly raising up to $500m in a series D round that will fund Brazilian expansion.

Cabify, the Spain-based ride hailing service backed by e-commerce firm Rakuten, has raised $100m, according to a US regulatory filing by its owner Maxi Mobility.

The money has come from a single investor according to the filing, but Cabify has not disclosed details. The cash will make up part of a series D round the company aims to close at $500m, according to TechCrunch.

Cabify’s on-demand transport service operates in 42 cities across Spain, Portugal and Latin America, and a…