British money transfer firm Azimo has raised $20m in a Series C funding round led by Japanese venture capital group Rakuten Capital.

Rakuten was joined by Frog Capital, GR Capital Partners, Greycroft Partners, MCI, Quona Capital and Silicon Valley Bank.

The latest funding round takes the total capital raised by the money transfer firm till date to more than $50m.

Rakuten Capital managing partner Oskar Mielczarek de la Miel said: 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.”

Azimo enables payments to over 190 receiving countries and currently serves about 1.5 million customers. The firm manages more than $1bn in annualised sending volume.

Azimo also secured $15m investment from Rakuten in 2016 to expand across Asia. The firm raised $1m in seed funding in 2013, and another $20m in a series B funding round in 2015.