About the Company

Bank Statement Converter (BSC) was founded by Angus Cheng in March 2021. The company is based in Hong Kong and primarily serves accountants and small business owners who need to extract transaction data from PDF bank statements. The software simplifies the data extraction process, allowing users to convert their bank statements into CSV files efficiently. BSC currently generates $12,500 in monthly recurring revenue, indicating a steady demand for its services.

Cheng’s extensive background in programming, including roles as a game developer and a programmer at Credit Suisse, provided him with the skills necessary to develop BSC. His experience working in various programming environments enabled him to create a robust solution tailored to the needs of his target audience. The company operates with zero employees, with Cheng handling all aspects of the business, from development to customer support.

Idea Behind Company

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The idea for BSC stemmed from Cheng's personal need to analyze his finances. When his bank provided transaction data only in PDF format, Cheng wrote a script to extract the data. Realizing that others might face similar challenges, he decided to transform his script into a web app. Cheng pitched the idea to his friend Dominic, who agreed to handle the frontend development while Cheng focused on the backend. This collaboration led to the creation of a simple and effective tool that quickly gained traction among users.

Cheng's previous experiences in various programming roles and his stint at a crypto company where he learned the importance of autonomy and efficiency influenced his decision to develop BSC. His background in indie game development also contributed to his ability to work independently and bring his ideas to fruition. The motivation to create a practical solution for a common problem was the driving force behind BSC's inception.

Creating the Company

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The development of BSC began in March 2021, with Cheng and Dominic working together to create a minimal viable product. They focused on building a single-page web app where users could upload PDF bank statements and receive CSV files in return. The initial development process involved creating APIs for uploading and converting PDFs, as well as handling password-protected files. Within a week, they had a functional app ready for production.

To launch the app, they purchased a domain, set up virtual machines on AWS, wrote Ansible scripts for deployment, and configured SSL certificates. Despite missing some critical features like registration and payment processing at launch, the app quickly attracted users. Cheng and Dominic relied on Google Search Ads to validate the demand for their product, which led to immediate user engagement and feedback. This approach allowed them to iterate and improve the app rapidly.

Launching the Business

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The launch of BSC was straightforward, with the primary goal of getting the app into production quickly. The website allowed users to upload PDFs without any friction, making the process seamless. BSC offers subscription plans based on the number of pages converted, with prices ranging from $30 to $99 per month. The business model focuses on providing value to users who need to convert a significant number of PDFs regularly.

Initial marketing efforts included cost-per-click advertising on Google, which helped attract the first batch of users. Over time, BSC grew through word of mouth and continuous improvements based on user feedback. Cheng learned valuable lessons about customer needs, such as the lack of demand for an offline version, which informed his development priorities. The business has seen steady growth, with a focus on user satisfaction and minimal friction in the user experience.

Earnings

BSC’s revenue has grown significantly since its launch, reaching $12,500 in monthly recurring revenue. The initial marketing efforts, including Google Search Ads, were not immediately profitable but helped validate the product's demand. Over time, Cheng shifted his focus to more cost-effective strategies like content marketing and supporting more banks to increase user satisfaction. This approach has paid off, with a substantial increase in revenue and user base.

The financial growth of BSC has been impressive, with a 247% year-on-year increase in revenue. Customer acquisition costs are minimal, and the business operates with a lean model, allowing Cheng to maximize profitability. The average customer lifetime value is $180, and the conversion rate has improved significantly. Cheng continues to focus on expanding BSC’s reach to untapped markets and improving the product based on user feedback to sustain this growth trajectory.