London-based money transfer outfit Azimo has closed a $20m Series C investment round led by Japan's Rakuten Capital.
Investors e.ventures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital and Silicon Valley Bank also participated in the financing.
The Series C funding round brings the total amount of equity investment raised by Azimo to over $50m.
The Azimo platform is used by its 1.5 million registered customers to send payments to more than 190 receiving countries. The service currently handles over $1 billion in annualised sending volume.
Oskar Mielczarek de la Miel, managing partner at Rakuten Capital, says: "Azimo has the best technology in the sector, and the business is delivering rapid growth and efficiency. Customer acquisition costs have dropped by two-thirds since we first got involved with Azimo. This latest funding will comfortably bring the business to sustained profitability within 12 months.”