Bengaluru, Jun 28 (IANS): Fintech startup slice on Monday announced that it has raised $20mn to challenge the credit card industry in India.

slice has raised this amount from existing investors Gunosy, Blume Ventures among others.

"The banking industry in India has always viewed credit cards as a loan product rather than a high frequency payment instrument. Therefore, banks' main focus is to optimise the fees related to credit cards and there are portfolio teams to increase the loan book," Rajan Bajaj, Founder & CEO, slice, said in a statement.

"This leaves the customer experience in the corner. However, we see it as a payment product, and we are solving it as a consumer experience problem with a acustomer-first approach in mind," Bajaj added.

In addition to this, the slice has also launched two game-changing features today which makes the slice super card the best way for millennials and gen z to make payments.

Now, slice members can get up to 2 per cent rewards on every card transaction which are instantly redeemable to cash.

Members can slice their card bills over 3 months for free, which means they can get up to 90 days interest-free period.

slice has seen rapid growth since the launch of its card in 2019. They are now at over 3 million registered users and growing consistently at 25 per cent the month-on-month.

The slice super card comes with no hidden charges, joining fees, or annual fees. It is also accepted at 99.95 per cent of merchants across the country that accept Visa.