Simple, the US firm that offers an online and mobile alternative to conventional banking, has attracted more than 40,000 consumers in its first year of operation.

And more than 250,000 people have requested an invite to Simple and the company is now processing over $1 billion a year in transactions.

The figures are included in a blog written by CEO and co-founder Joshua Reich (pictured).

Among the services offered by Simple is the ability to deposit a cheque by taking a picture on a smartphone. Saving or setting a budget on the consumer’s account can also be done through the handset.

Simple’s app is for both iOS and Android.

However, the company does still offer a conventional debit card (the Visa-backed Simple card). These cards have been swiped more than two million times in the past year, said Reich.

Technically, the company is not a bank but instead has a relationship with chartered banks that enables it to offer financial services.

It is one of a number of new players who are trying to rework conventional banking services. Their strategies generally include a strong element of mobile technology.

“One year is a big milestone for any company–and that goes doubly for us, as a startup working to disrupt a heavily-regulated and historically static industry,” said Reich.

Simple recently struck a partnership with heavily-tipped payments firm Braintree.