A new ride-sharing app has hit the streets of New York City, looking to challenge Uber and Lyft.

Myle uses regular cars and traditional yellow taxis in an effort to bring business back to the cab industry.

The company's founders say what you see is what you pay -- no matter if you go through a tunnel or not.

Customers will also pay the initial price given on the app, day or night.

The founders say Myle is 10% cheaper than its competitors.

So far, the company has more than 6,000 drivers and 7,000 riders are signed up.

Myle also plans to add VIP concierge service to the app, which would provide shopping and meals.