Money keeps pouring in for the private driving service Uber. The company closed a financing round of $1.2 billion on Thursday with investors putting their value at around $40 billion, according to a New York Times report.

Uber will add that cash to the $1.5 million they previously raised, and even more money may head Uber’s way. They could potentially sell another $600 million in stock. In addition, Uber, in conjunction with Goldman Sachs, is working to possibly sell another $1 billion in debt to private well-off clients of the Wall Street firm. According to Forbes, this could bring the final figure close to $1.8 billion.

Travis Kalanick, Uber CEO, says that the money will be put toward an expansion of San Francisco-based Uber in Asia and for “strategic investments,” according to USA Today. Kalanick also mentioned the rapid progress the company has made.  He claimed that more than a million jobs will become available across the globe by next year.

Uber’s rise is one of the most accelerated in recent years, according to NY Times. Uber was simply an app that enabled consumers to get a personal driver at the push of a smartphone button just five years ago. In those five years, Uber has grown so much that it has passed members of Silicon Valley’s exclusive 11-digit club (start-ups who are valued at more than $10 billion).

Although the additional money is paving the way for Uber’s success in the future,  major criticism has surfaced with it. Customers and lawmakers expressed their concerns about privacy following a report that revealed that an Uber executive tracked a journalist’s ride without permission, according to USA Today.

A tool named “God View” that allows Uber executives to track driver and rider data prompted Uber to update their privacy policies and create stricter rules. Kalanick stated that in the coming months, Uber will be a more humble company that will “set new standards in data privacy,” according to Forbes. The criticism has not lessened investors’ enthusiasm about Uber.

Uber is planning on raising more money in an effort to become the best service for transporting people quickly and painlessly. Kalanick plans for Uber to eventually reach a point where it is not only a transportation system, but it is a delivery system for everything and anything (even groceries). To reach that goal, serious amounts of capital will be needed.

Uber has made the largest footprint in the ride-sharing start-up industry. It has broadened its services to more than 250 cities in 50 countries in the past year. Uber posted on their blog that the company is six times as large as it was last year and it continues to grow and expand, reported NY Times.

Although Uber has had rapid success, it does face some tough competition. Lyft is a ride-service that offers similar services and is also backed by big investors. Lyft recently appointed new head executives in an effort to drive customers and drivers away from Uber. Uber is also facing Hailo, which has a similar app for calling taxis, that is seen throughout Europe. In Southeast Asia, a company called GrabTaxi is already booming with more than 60,000 drivers.