Edison Partners led the transaction with participation from Stifel Venture Bank, a Division of Stifel Bank. The company is also announcing the appointment of payments industry leader David Baxter as Chief Executive Officer. Under Baxter's leadership, the company will use investment proceeds to accelerate the adoption and extensibility of compliant text-based solutions across the consumer finance lifecycle.

Solutions by Text (SBT) was founded in 2008 with the mission to deliver impactful conversational messaging and convenient payment partner solutions that are rich, real-time and compliant. Built on hard-earned trust and SMS industry best practices, the company is the only compliance-first provider of enterprise texting solutions in the market. More than 1400 consumer finance organizations, including leading brands in auto finance, banking and lending, trust SBT to ensure convenient, effective and compliant relationships with their millions of consumers. SBT is headquartered in Dallas, TX with remote teams and offices around the US and in Bangalore, India. For more information, visit www.solutionsbytext.com.