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Dallas Company Raises $110M for Text-Based Bill Payments

Solutions by Text, a trailblazing company that has just secured an impressive $110 million in new growth funding
May 30, 2024

Solutions by Text (SBT), a pioneering company that enables bill payments and loan applications via text messaging, has secured a substantial $110 million in new growth funding. This investment, led by Edison Partners and StepStone Group, marks a significant milestone for the company as it ramps up efforts to transform customer engagement through conversational messaging tools.

Founded in 2008 by brothers Danny and Mike Cantrell, SBT has undergone a remarkable evolution under the leadership of CEO David Baxter, who took the helm in 2021. Since then, SBT has experienced exponential revenue growth, transitioning from a founder-led enterprise to a subscription-based business model focused on Software as a Service (SaaS).

Baxter emphasized the company's strategic shift towards AI-driven solutions, aiming to enhance customer experiences and streamline debt management processes. With messaging volumes soaring and compliance concerns addressed, SBT is poised for further expansion into the embedded payments space, offering innovative products like "FinText" in partnership with Nuvei.

The influx of capital will fuel SBT's ambitious agenda, driving product development, accelerating its AI initiatives, and exploring potential acquisitions. Baxter envisions AI as a catalyst for empowering consumers to negotiate debts and manage payments more effectively, aligning with evolving industry trends.

Kelly Ford, General Partner and COO at Edison Partners, expressed confidence in SBT's trajectory, citing its robust regulatory compliance and innovative solutions. The partnership between Edison Partners and SBT reflects a shared commitment to driving innovation in the financial services sector.

As SBT continues to innovate and expand its suite of services, the company remains dedicated to reshaping the future of customer engagement and payment solutions. With its newfound capital, SBT is poised to lead the charge in leveraging AI to enhance financial accessibility and empower consumers worldwide.

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