Growth equity investment firm Edison Partners and US-based global private markets investment firm StepStone Group co-led the deal.

In addition, the company has received an undisclosed loan facility from Stifel Venture Bank, a branch of Stifel Bank in Missouri.

SBT, which was established in 2008 and has its headquarters in Dallas, Texas, states that it was the first "FinText" company in the world. It provides a platform that blends real-time integrated payments services with messaging for the consumer finance industry.

According to the business, financial services companies may now "engage, interact, and transact with their consumers in real-time compliantly" thanks to its product. Businesses may use the platform to SMS clients about past due letters and payment plan reminders, among other things. Then, customers can reply to the messages to complete their payments.

The investment comes after SBT saw a prosperous growth phase in 2023, during which the company reports a 95% rise in message volume over the prior year.

"Consumers want an alternative to endless emails, confusing web portals, and lengthy rounds with call centers when engaging their financial providers," states SBT CEO David Baxter.

With the additional funding, SBT hopes to develop its AI and payment skills as well as look for "inorganic opportunities" for expansion.