Simple, previously known as BankSimple, has announced it has attracted 40,000 customers and is now processing $1bn dollars in transactions a year after opening its doors a year ago.
Despite 250,000 people requesting an invite to Simple, only 40,000 of those have become customers.
Other metrics the fledging banking company has shared is that customers are saving nearly $100m with its online savings account and that it’s branded Visa cards have been swiped more than 2m times.
In a blog post announcing the milestones, co-founder and CEO, Joshua Reich, said: "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.
"In addition to building a service that helps our customers spend smarter and save more, we’ve maintained a team and culture that’s focused on continuous innovation. It’s fair to say we’re future-minded: we spend a lot of time thinking about how banking should look in 2, 5, 10, or 20 years."