European FinTech startup Azimo has closed a $20m Series C led by Rakuten Capital.

Azimo is a digital money transfer firm based in London and Krakow. Its CEO Michael Kent said the company is excited to strengthen its relationship with lead investor Rakuten Capital.

“This financing will be used to make our service even better and to sustain the rapid growth in our customer base. We’re keeping our focus primarily on Europe – the largest, most diverse and chronically underserved money transfer market in the world,” he added.

This latest funding, which also received backing from investors such as e.ventures, Frog Capital, GR Capital Partners and Greycroft Partners, brings the total amount raised by Azimo to over $50m. 

The company secured its $1m Seed round back in September 2013, landed a whopping $20m series B in 2015, followed by a $15m funding round in May 2016, which was led by current investor Rakuten, to help with its expansion across Asia.

Oskar Mielczarek de la Miel, managing partner at Rakuten Capital, commented on the investment: “We continue to be impressed by Azimo’s mission, team and executional prowess. 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  

“This latest funding will comfortably bring the business to sustained profitability within 12 months,” he added.

Azimo enables payments in more than 80 currencies and to more than 190 receiving countries.

The service currently has around 1.5 million registered customers and well over $1bn in annualised sending volume. Customers can withdraw money in cash, bank deposits and mobile wallets.