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Digital lender MyCredit gets Sh387m funding to expand across Kenya
A MyCredit Limited staff (left) engages with a client at their exhibition stand during the 3rd Private Schools Expo and Conference at Sarit Expo Centre in Nairobi on November 29, 2024.Â
Digital loans provider MyCredit Limited has raised $3 million (Sh387 million) in funding to expand its loan, guarantee, and insurance services in Kenya.
MyCredit said the capital is a senior debt issue from the Netherlands-based Triodos Investment Management. Senior debt is the highest-priority loan that a company must repay in bankruptcy to minimise risk. Kenya-based transaction advisory firm Noblestride Capital closed the deal.
The digital credit provider said it plans to expand its business and salary lending, bonds, and advanced payment guarantees to reach 43 counties by the end of the year. CEO Wangaruro Mbira told the Business Daily that the firm specifically targets to expand its client portfolio in private schools seeking development capital.
“We are currently operational in 38 counties, and with the new investment, we plan to expand our footprint to reach schools in five more counties by the end of 2026,” Mr Mbira, who founded the start-up in 2016, said in an interview.
MyCredit is among the 195 DCPs licensed by the Central Bank of Kenya (CBK) as of December 2025, seeking to tap into the growing digital lending market for consumption and business loans, as well as asset financing.
The company targets the education sector with medium-term financing repayable within one year for unsecured working capital and three years for secured development loans. Asset financing options have a repayment window of up to six years.
Customers can borrow between Sh1 million and Sh5 million. “The government is not building new schools as much, while the existing ones need development capital,” Mr Mbira said.
“We see this as an opportunity for us to provide working capital loans and asset financing for things like school buses.”
MyCredit has previously said it has over 10,000 customers. Mr Mbira declined to comment on the total credit the startup has extended to date.
Since 2016, the company has raised $13.6 million (Sh1.7 billion) across three debt rounds. In December 2023, the credit provider announced a $3 million issue led by the Swiss investment manager BlueOrchard Finance. The lender had closed another $2.6 million financing deal with Dutch-based Oikocredit International in February of that year.
Digital credit has been on the rise in Kenya, driven by increasing adoption of mobile phones and the expansion of money platforms such as M-Pesa and Airtel Money, which have made loans more accessible. According to the Digital Financial Services Association of Kenya (DFSAK), over Sh13 billion in digital loans is disbursed monthly.
DFSAK in September 2025 reported that the number of accounts Kenyans had opened with DCPs had increased to 3.32 million from 600,000 in 2023. The association said the industry had facilitated access to over 230,000 smartphones.
