Solutions by Text Drives Record Growth in 2024

Conversational Commerce leader achieves 60% year-over-year revenue growth,
propelled by the power of "good conversations" for financial organizations and their
customers

DALLAS, Jan. 28, 2025 /PRNewswire/ -- Solutions by Text (SBT), the leading provider of compliant conversational commerce solutions, today announced 60% year-over-year revenue growth and other impressive business milestones achieved in 2024.

SBT CEO Dave Baxter said, "For too long, companies have relied on low-yield communication methods such as phone calls, mail, emails, and apps—leaving customers overwhelmed and messages lost in the noise. To break through, businesses need a solution that ensures precision, reach, and results." Baxter continued, "At SBT, we believe that good conversations pay off, enabling consumer finance organizations to meet customers when and where they are—on their phones, in real-time. SBT delivers a seamless and optimized experience, whether consumers are interested in bill pay, auto or home financing, or other compliant financial transactions."

In 2024, these good conversations helped SBT achieve record industry results, including the following major milestones: 

• Reported 60% year-over-year revenue growth and more than 30% annual bookings growth.
  
  
• Surpassed the coveted "Rule of 40" benchmark, a key metric in the SaaS industry that balances growth and profitability, for the third consecutive year.
  
  
• Drove more than 100% YoY messaging volume growth, safely delivering nearly 2 billion messages through the platform in 2024.
  
  
• Welcomed key leadership additions, including Keith Ryland as Chief Revenue Officer, and Deirdre DiTomas as Vice President of Marketing, and appointed payment industry leaders Rahul Gupta and Flint Lane to its board of directors.
  
  
• Secured a $110 million growth round co-led by Edison Partners and StepStone Group, representing an exciting leap forward in the company's growth trajectory.

According to David Albertazzi, Director, Retail Banking & Payments at Datos Insights, "In today's mobile-first, on-demand world, text messaging proves to be one of the most effective ways to reach consumers. In fact, our recent joint research report with SBT showed that text messaging drives higher application completions, improved payment timeliness, and stronger borrower satisfaction in the lending industry." Continued Albertazzi, "Yet, despite 80% of borrowers wanting text communication, 41% report receiving none during the loan process. We believe that this will drive continued strong demand for conversational commerce solutions like SBT provides." (see: Datos report).

"Achieving 60% year-over-year revenue growth in 2024 is a remarkable milestone for us and a testament to the power of what we do at Solutions by Text," concluded SBT's Baxter. "We firmly believe 'good conversations pay off'—and our continued success demonstrates that when consumer finance organizations connect with customers in a compliant, convenient, and meaningful way, it delivers real results. Looking ahead, this success sets the stage for even greater expansion, as we continue to broaden our reach and amplify our impact for customers and the consumers they serve."

About Solutions by Text
Solutions by Text (SBT) enables consumer finance organizations to effectively and conveniently connect to their customers across a variety of channels. Their innovative conversational commerce platform fosters meaningful conversations that drive measurable results. With solutions designed for compliance, scalability, and efficiency, SBT helps its customers achieve outcomes like up to 400% ROI and a 97% reduction in time to revenue. Solutions by Text. Good conversations pay off.™ To learn more, visit solutionsbytext.com.

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SOURCE Solutions by Text