Solutions by Text (SBT), a Dallas-based company that offers mobile messaging solutions for businesses like banks, card issuers and credit unions, announced a $35 million growth equity investment led by Edison Partners on Tuesday.
Founded in 2004, SBT enables financial institutions to use text messages for marketing needs and to communicate with customers. It also facilitates payments through text. Now, more than 1,400 financial organizations use SBT’s text solutions, according to the company.
“We started SBT knowing there was a compelling need to give financial institutions compliance certainty as they seek to connect with consumers in the channels they use every day,” Danny Cantrell, SBT co-founder and former CEO, said in a prepared statement.
SBT also announced the appointment of its new CEO David Baxter. Baxter joins the company after spending eight years at ACI Bill, a Nebraska-based software company that provides real-time payment processing for companies, where he served as senior vice president.
“I’ve long admired SBT’s leadership in compliant SMS, so it’s exciting to team with founders Danny and Mike Cantrell,” Baxter said in a statement. “Now more than ever, consumer finance organizations are taking a hard look at how to strengthen digital consumer relationships while maintaining compliance with national standards.”
Co-founders Danny and Mike Cantrell will continue to hold customer-facing positions at SBT.