(Bloomberg) -- Ride-hailing service Cabify has hired an outsider to be its chief financial officer in a step toward a potential initial public offering.

Antonio Espana joins from gas distributor Redexis, where he had the same role, Cabify said in a statement Thursday. The company, which was valued at $1.4 billion in a 2018 funding round, said it’s assessing an IPO to finance its expansion.

It already studied a possible listing in 2019, before the pandemic sent demand plunging. The rollout of coronavirus vaccines is now reviving the prospects of ride-hailing businesses, with shares in Uber Technologies Inc. and Lyft Inc. more than doubling in the past 12 months.

Cabify is backed by investors including Japan’s Rakuten Inc. and operates in Spain and several Latin American countries.

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