Uber said Friday that it had closed a financing round by raising $1.2 billion in new funding at a $17 billion valuation. The company said that, in total, it anticipates that it will raise $1.4 billion in new funds. The Washington Post notes that this means Uber is now valued at more than car-service competitors like Avis and Hertz.

“Uber is changing the fabric of these cities,” Uber CEO Travis Kalanick wrote in a blog post on Friday. “At our current rate, Uber is responsible for directly creating 20,000 new jobs per month and powering billions in economic impact in cities around the world – while also improving the environment, reducing DUI rates and fueling urban economic development.”

PC Magazine reports that Uber plans to use its billions to increase services in its existing cities, but the publication notes that there’s some speculation that Uber might expand into new business areas, like package delivery. Whatever it decides to do with its money, Uber has seen tremendous growth, now operating in 128 cities in 37 countries around the world.

Although Uber may be on the path to success, the ride-sharing startup still faces numerous obstacles. The most recent one came in the form of a cease and desist letter from the commissioner of the Virginia Department of Motor Vehicles to stop operating in the Old Dominion State, The Washington Post reports. According to the letter, Uber (the letter was also sent to Lyft) must obtain proper authority to operate in Virginia. Uber has said that it will continue to operate in Virginia, while continuing to work with the DMV to find a solution to this problem.

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