Uber Competition in Latin America

Spanish Uber rival Cabify just completed a $12 million round of funding. It will use the money to increase its current service in Chile, Colombia, Peru, and Mexico while also expanding into several new cities across Latin America. In addition to Uber and Cabify, other taxi-on-demand apps, most notably the Brazil-based Easy Taxi and Colombian creation Tappsi, already have significant adoption both domestically and abroad, though both require riders to pay fares in cash rather than being tied to a bank account like their U.S. competitor. Uber may be the gold standard in North America, but the rise of Cabify and others should only be seen as good news for those who live and work in a region full of congested megacities with insufficient cab coverage.