Carro, one of Southeast Asia’s biggest online marketplaces for used cars, has raised US$360 million ($478 million) led by SoftBank Vision Fund II to fuel expansion in Thailand and Indonesia before pursuing a US listing.

The fresh capital pushed Carro’s valuation to more than US$1 billion, the company said in a statement. The business competes with Carousell and Carsome in Southeast Asia.

Carro, formally known as Trusty Cars, is seeking to bolster its market position in Indonesia, Thailand, Malaysia and Singapore as well as broadening its financial services. The company is targeting an initial public offering in the US within the next two years, CEO Aaron Tan said in an interview.

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