Remitly, a mobile remittance company, announced it received $38 million in new equity and debt financing from IFC, a member of the World Bank Group, and Silicon Valley Bank.

Remitly is a mobile payments service, supported on Android, iOS and online, that enables consumers to conveniently make person-to-person international money transfers from the United States. Its digital service uses the latest technology to eliminate the forms, codes, agents, extra time and fees typical of the traditional money transfer process. Remitly is authorized to operate in 45 states and sends millions of dollars to thousands of people each week.