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If you can set it up - AWS + Sendy

I used to work at a social media platform; I learned they had their own email server and email software to deal with high volumes. You can use Sendy via Amazon SES or MailWizz.

AWS + Sendy would be the best solution to save costs. Otherwise, go with Sendinblue if you need a proper SaaS setup but talk to sales and they’ll hook you up with a deal.