We don’t currently have a ‘warp text’ tool, however you can achieve some pretty awesome warping effects by following these steps:
1. Create a Blank Canvas (from the Start tab) with Transparent background ticked
2. Add some text (resize it to fill the canvas quite a lot)
3. Flatten the image (click the icon up the top right to the left of the Undo / Redo icons)
4. You can now apply any effect to the text. In particular some of the effects in the Sandbox category at the end of the Effects tab have warping properties.
5. Save the image to your computer. Then when editing, upload this saved image to the Photo Basket (at the bottom of the editor) and drag it onto your photo. Voila – warped text.