Azimo, a London, UK-based money transfer company, closed a $20m Series C funding.
The round, which brings total funding raised to date to over $50m, was led by Rakuten Capital, with participation from e.ventures, Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital and Silicon Valley Bank.
The company intends to use the funds to continue to develop the platform and grow its customer base.
Led by CEO Michael Kent, Azimo provides a digital money transfer platform that enables payments in more than 80 currencies to more than 190 receiving countries. The platform is currently used by 1.5 million registered customers handling over $1 billion in annualised sending volume.
The company claims it can now reach more than 5 billion potential customers via a wide range of payout methods, including cash, bank deposits and mobile wallets.