Free Template – Stretch Text Animation in After Effects (link below)
To create this effect just add your text to the composition, pre-compose the text layer (create a nested composition). Now apply the ‘CC Scale Wipe’ effect to this new composition and tweak the settings. Set the stretch value to 50. Start with a ‘Direction’ value of 0.
Then, halfway into the animation, switch this value to 180.
Now animate the ‘Center’ value so the stretch does animate the text into the canvas and halfway into the animation out of the canvas again. Remember to add hold keyframes as shown in the tutorial so it animates properly.
Hit the link below to download the free template: