Bank Statement Converter Making 9k a Month

About

Bank Statement Converter is a subscription service that helps convert bank statements from hundreds of banks worldwide into a clean Excel format.

The Creator

Bank Statement Converter was started by Angus Cheng in 2021. Initially, Angus Cheng co-founded the product with someone else, but his co-founder left shortly after.

Reference: https://bankstatementconverter.com/blog/posts/2022-02-25-zero-to-one-thousand-mrr/

Business Model & Revenue

Bank Statement Converter's initial business model was transactional, where users paid for credits to scan their bank statements. However, it later switched to a subscription-based model, and as of April 2023, it generates $9000 in monthly revenue.

Traffic

Currently, the majority of its traffic comes from Google organic search (SEO). Initially, Angus Cheng tried marketing the product using paid Google Ads, but it was not successful. However, after accidentally discovering the effectiveness of blog content, he started writing blog posts, which yielded positive results. One of his posts was submitted to Hacker News (possibly this one: https://news.ycombinator.com/item?id=28670152), which helped with the SEO and brought in more traffic.

Reference: https://bankstatementconverter.com/blog/posts/2022-02-25-zero-to-one-thousand-mrr/

Tech Stack

• Back End: Kotlin
• Front End: React
• Database: MySQL

Competition

Bank Statement Converter serves a super niche market, and there are no obvious direct competitors. While generic solutions like https://pdftables.com/ exist, Bank Statement Converter excels in ranking well with keywords directly related to its niche.

Thinking Outside the Box

Instead of directly competing by cloning someone's idea, we can learn from Bank Statement Converter's success and apply similar strategies to other niches. For example, we could explore converting other paper forms, like receipts, into digital formats.

Distribution poses significant challenges when building a product, and SEO has proven to be a powerful channel for distributing Bank Statement Converter and solving a global problem.