London fintech firm Currency Cloud has raised an $18m Series C investment round, led by Sapphire Ventures and joined for the first time by Rakuten’s Fintech Fund.

Currency Cloud currently works with more than 125 payments platforms, including Transferwise and World Remit, processing $10bn of payments per year across 212 countries.

Having recently opened a New York office, the money will be used to support further international expansion, along with being invested in R&D.

The company has already raised $17m in three previous rounds, bringing total funding since it launched in 2012 to $36m.

All of its existing investors, including Anthemis, Atlas Ventures, Notion Capital and XAnge Private Equity, have increased their stakes.

Andreas Weiskam, MD of Sapphire Ventures, will join the board of directors. He said: “Sapphire Ventures is committed to backing high-growth companies with the potential to disrupt markets globally. By enabling transparent, efficient and secure transactions, Currency Cloud is revolutionising how businesses can move money worldwide.”

Currency Cloud CEO, Mike Laven, added: “We would like to thank our new and existing investors for their support of Currency Cloud. We have big plans for the business, and are proud to have a team on board that share and believe in this vision.

“The involvement of established institutional investors, Sapphire Ventures and Rakuten FinTech Fund will add a new dimension to our global ambition as we consolidate relationships with technology and banking partners worldwide.”