The latest round of financing comes just months after the Seattle company raised a separate $38.5 million. The funds will help expand the service to other countries.

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Remitly, a Seattle mobile-remittance company, has raised $38 million, just months after the company pulled in a separate, $38.5 million round from investors.

The company, which lets people send money across borders using their mobile phones, said it would launch in seven more countries across Central and South America, greatly expanding its reach in one fell swoop.

The latest funding includes both equity and debt financing from Silicon Valley Bank and IFC, a member of the World Bank Group that focuses on business in developing countries.

Remitly wanted to work with both investors, CEO and co-founder Matt Oppenheimer said Thursday. The latest funding helps with the company’s global expansion and allows Remitly to send funds instantly across borders, a service it offers for a small fee.

Remitly was founded in 2011 when Oppenheimer was working at Barclay’s in Kenya. His friends struggled with antiquated systems as they tried to send money home to their families.

Remitly sets foreign-exchange prices several times a day and alerts users when they log in on their phones. The company strives to be cheaper and more convenient than such entrenched leaders in the market as Western Union.

People in the U.S. now can send money to Guatemala, Honduras, El Salvador, Nicaragua, Colombia, Ecuador and Peru, plus India, Mexico and the Philippines. Remitly also allows people in Canada to send money to India and the Philippines.

Remitly, which has its headquarters in downtown Seattle, has a customer-service center in Nicaragua, similar to one it has in the Philippines.

Latin Americans living in the U.S. send more than $17 billion each year to Remitly’s seven new service countries, according to the company.

Remitly has 150 employees, including 90 in Seattle.