Solutions by Text, a Dallas, TX-based provider of a platform for compliance-first messaging and payments, raised $110M in new growth financing.

/PRNewswire/ -- Solutions by Text (SBT), a leading platform for compliance-first messaging and payments, today announced raising $110 million in new growth...

Solutions by Text, a company that gives people a way to pay their bills and apply for loans via text messaging, has secured $110 million in new growth funding.Edison Partners and StepStone Group co-led the equity portion of the raise while Stifel Venture Bank provided a lending facility, which made up less than 15% of the total. The funding was a mix of primary and secondary shares, according to CEO David Baxter.Solutions by Text (SBT) is not your typical startup raising capital. The company was founded in 2008 by brothers Danny and Mike Cantrell, who bootstrapped it until 2021 when Edison Partners wrote its first check into the company as part of a $35 million growth round.Baxter took over as CEO in 2021, and the brothers have exited and are no longer involved in the day-to-day operations. Since its raise late that year, Baxter said, SBT has seen its revenue increase by “more than 3X” though he declined to say what that base revenue was. The company is currently EBITDA positive and is “working toward profitability” this year, according to Baxter. Over time, it has transitioned itself from a consumption model to a subscription business, with pure SaaS comprising about 90% of business by year’s end.“We really have transformed the business from more of a founder-led family, lifestyle type of a business, doing roughly 20ish million messages a month to about 150 to 200 million messages a month,” he told TechCrunch in an interview. In 2023 alone, SBT’s messaging volume increased 95% from the prior year, according to Baxter. He would not disclose the company’s current valuation, saying only that it was 5x from what it was at the time of its last raise