Wednesday, June 12, 2024
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US fintech Solutions by Text lands $110m in growth financing

  • 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.

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