Nairobi, Jan. 15 -- 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 sc...