UK-based cross-border payments platform Currencycloud has announced the closure of a £20 million Series D funding round, with a new investment from GV (Google Ventures) and additional funding from existing investors Notion Capital, Sapphire Ventures, Rakuten FinTech Fund and Anthemis.

Currencycloud provides financial firms with the tools to build cross-border products and applications, counting more than 200 customers in 35 countries – including Klarna, Travelex, Standard Bank, Revolut and Azimo. To date, more than $25 billion has been sent through Currencycloud’s infrastructure to over 200 countries.

The new funding will be used to further the company’s growth and for additional research into removing the friction and costs of traditional cross-border payments.

Mike Laven, CEO of Currencycloud, said: “In recent years we have seen the rise of the building block economy. Companies can combine services such as AWS, Google Maps, Stripe and Twilio to build innovative new businesses fast and without the overhead of expensive proprietary systems.

“Currencycloud provides a set of multi-currency payment and conversion tools that are helping hundreds of companies globalize fast. We are seeing massive and increasing demand for these services, with volumes growing over 150 per cent last year.”

Tom Hulme, general partner at GV, added: “We believe in empowering developers by making it easier for them to add scalable services to their products, ideally with simple APIs. Currencycloud is the leader in providing cross-border payment services in this manner, a real need as companies globalise.”

The latest funding round takes total investment in the company to £44 million, following £12 million raised in 2015, £7 million in 2014 and £5 million in 2012.

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