TEXTNOW SURPASSES $1 BILLION IN REVENUE WITHOUT OUTSIDE INVESTMENT
Canada-founded, app-based phone service company celebrates milestone during Waterloo Tech Week, inspiring the next generation of founders to build differently
WATERLOO, ON, Sept. 17, 2026 /CNW/ -- TextNow, a flexible phone service delivered entirely through an app, today announced it has surpassed $1 billion in cumulative revenue. The milestone, achieved without venture capital, institutional backing, or follow-on funding, places TextNow among a rare group of technology companies to reach this level independently.
At a time when the technology industry often conflates growth with funding, TextNow has taken a different path, expanding through product adoption and steady customer growth rather than capital raising. That approach has translated directly into results, enabling TextNow to reach $1 billion in revenue while remaining profitable and in control of how it operates.
The announcement comes during Waterloo Tech Week, as founders, investors, and technology leaders gather in the region. To commemorate the milestone, TextNow will unveil Équilibre Oblique, a permanent public sculpture by Canadian artist Philippe Pallafray in Waterloo's Research and Technology Park. Composed of three distinct forms representing the progression from ideas to startups to scaled companies, the installation reflects the entrepreneurial journey that has helped make Waterloo one of Canada's most recognized technology hubs. The unveiling will take place ahead of Accelerator Centre's TechConnect event and include remarks from Jim Balsillie, Chair, Council of Canadian Innovators, bringing together many of the founders, investors, startup leaders, and community builders participating in Waterloo Tech Week.
"This milestone is less about the number and more about what it represents," said Derek Ting, CEO and Co-founder of TextNow. "There is a belief that reaching this level requires outside funding and a specific growth model. We have shown there is another way. It can be earned by building something people choose to use over time."
Founded in 2009, TextNow has remained independent, operating without outside investment beyond an initial $1.5 million seed round. Built on the belief that phone service should be more accessible and designed around how people actually use it, the company developed a model focused on giving customers choice, from how they get started to how they manage and pay for their service over time.
Today, TextNow serves millions of consumers across North America, combining the reliability of traditional phone service with a more flexible, app-based experience that offers a smarter way to connect. Getting started is simple: customers select their phone number, activate their service in minutes, and enjoy talk and text for free on nationwide 5G. They can also add data on demand by the day, week, or month, and change plans at any time without commitments or cancellation fees, giving them greater control over how and when they pay.
The milestone follows the launch of TextNow's first major brand campaign, Way Too Smart to Pay Dumb, featuring comedian and entrepreneur Katt Williams. More than a marketing campaign, it reflects the philosophy that has shaped the company's growth for more than 16 years: challenging the status quo, giving people more control, and building a product people choose and return to over time. As TextNow enters its next chapter, the campaign turns those values into a national platform and highlights the unconventional path that brought the company to where it is today.
For more information, visit https://www.textnow.com/, and follow TextNow on Instagram, TikTok, Facebook and LinkedIn.
About TextNow
Founded in Waterloo, Ontario in 2009, TextNow is the largest ad-supported free wireless service in the United States, built on the belief that phone service should be more flexible, accessible and affordable for everyone. TextNow delivers wireless service through an app, giving customers access to a new, free local phone number and nationwide talk and text. Those who need more can add wireless data on their own terms by the day, week, or month, and change plans at any time. TextNow has offices in San Francisco and Waterloo, Ontario. For more information, visit textnow.com or find us free in the App Store and Google Play.
SOURCE TextNow
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