- Funding Announcement:
- Solutions by Text (SBT) secured $110 million in growth financing.
- The round was co-led by StepStone Group and Edison Partners.
- Stifel Venture Bank provided an undisclosed lending facility.
- Company Background:
- Founded in 2008, headquartered in Dallas, US.
- Claims to be the world’s first “FinText” firm.
- Offers a platform combining compliant messaging and real-time embedded payments for the consumer finance sector.
- Platform Features:
- Enables financial services firms to engage, interact, and transact with consumers in real time.
- Allows firms to send payment plan reminders and past-due notices via text.
- Customers can respond to texts to make payments.
- Growth and Performance:
- Experienced significant growth in 2023, with messaging volume increasing by 95% compared to 2022.
- Future Plans:
- Utilize the funds to expand AI and payment capabilities.
- Seek inorganic growth opportunities.
- CEO Statement:
- David Baxter highlighted the consumer demand for alternatives to emails, web portals, and call centers for engaging with financial providers.
