Angus Cheng, founder of Bank Statement Converter, reported that his business has experienced significant revenue decline since peaking in February 2026. According to Cheng’s analysis, overall revenue is down 24% from the February peak, while Monthly Recurring Revenue has fallen 12% over the same period.
The core issue appears to be a steady decline in new subscriber acquisition rather than increased cancellations. New subscriber numbers have dropped consistently month-over-month: from 191 in January 2026 to just 45 in August 2026. Meanwhile, the rate of cancellation has remained relatively stable. Monthly Recurring Revenue growth turned negative in April 2026, according to the data, declining from $10,074 in February to negative figures by April.
Cheng identified several potential causes for the declining subscriber acquisition. He stopped building publicly and sharing revenue data on Twitter starting in September 2025, noting that while such content generates attention, it doesn’t translate directly into sales for this particular product. He also noted that people increasingly use AI tools to convert bank statements themselves, which works adequately for small volumes but becomes impractical for hundreds of pages—potentially cannibalizing his customer base.
Competition has intensified significantly. Cheng acknowledged building the application publicly, which attracted numerous competitors. He suspects at least one competitor may be outperforming his offering and capturing customers.
To reverse the decline, Cheng outlined several strategies. He plans to analyze cancellation reasons—data he hasn’t previously examined systematically—and send targeted follow-up emails to churned users based on their stated reasons. He intends to pursue content marketing, which he views as having lasting value compared to pay-per-click advertising.
Cheng is also exploring unconventional marketing channels including transit advertising in Hong Kong and podcast and YouTube video placements. He emphasized that video advertising appeals to him because the content has evergreen value, unlike ongoing paid advertising.
Additionally, he plans to continue direct customer support and feature development based on user feedback. He cited a recent example where a user struggled with unclear processing status on scanned documents, prompting him to consider adding progress indicators.
This situation mirrors Cheng’s earlier experience with Girlfriend Plus, an application that generated revenue in 2017 but declined sharply when he stopped developing it. He emphasized that his previous business failure resulted from inaction, and he’s committed to actively addressing the current decline rather than allowing the business to stagnate.
Key facts
- Revenue down 24% since February 2026 peak
- Monthly Recurring Revenue declined 12% since February 2026
- New subscriber acquisition fell from 191 in January to 45 in August 2026
- Monthly Recurring Revenue growth turned negative in April 2026
- MRR growth dropped to -$19,960 in July 2026
- Cancellation rate remains stable; declining acquisition is the primary issue