Indian fintech startup slice has raised $20m in the latest funding round led by existing investors Gunosy and Blume Ventures.

The valuation at which the Bengaluru-based credit card platform raised the fund has not been disclosed. The round was also joined by few other undisclosed investors.

The fintech firm, which was founded in 2019, intends to use the proceeds to expand its product portfolio and team.

The latest funding round takes the start-up’s total funding to $30m. The company has a user base of approximately three million.

slice founder & CEO Rajan Bajaj said: “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. 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 ‘customer first approach’ in mind. Any small friction in product experience can lead to a magnitude of reduction in market size, which is what is happening in India today – we believe 400 mn+ Indians are eligible for a credit card but we just have 30mn unique customers in the country.”

The company has partnered with Visa and SMB Bank India to issue credit card and offers a credit line up to $13476.09 (INR1m).

Gunosy chairman and chief executive Shinji Kimura said: “Slice’s biggest advantage is how well they understand millennials and gen z. Their approach to solving their issues has been truly refreshing and building something simple and hassle-free has been a part of their DNA since inception.

“The Slice super card has the potential to fundamentally change the way the next generation thinks about the concept of credit cards altogether and we, at Gunosy, are glad to be a part of their growth story.”