Catalyzes the hydrolysis of reduced and non-reduced folates to pteroates and L-glutamate. This enzyme has a broad specificity. Release of C-terminal glutamate residues from a wide range of N-acylating moieties, including peptidyl, aminoacyl, benzoyl, benzyloxycarbonyl, folyl and pteroyl groups. Binds 2 Zn(2+) ions per subunit. Homodimer. Used clinically as a folate-depleting, antitumor agent. Belongs to the peptidase M20A family.