A quick tutorial so you can better understand how it works for SVG fonts.
1. Rasterize the type first. Click Object panel > Rasterize. Adjust the resolution and click transparent then Ok.
2. Create a square object with the color you want. Then put the object behind the object that was rasterized earlier. Select both, then open the transparency panel and Make Mask. The Transparency panel is available in Window > Transparency.
3. Check Clip and Invert Mask. If you want to change the color, you just click on the square you created earlier in the transparency panel, then choose the color according to your wishes.
1. Click Add a layer style in the bottom layers panel. Then select Blending Options. Check Color Overlay, then choose a color according to your wishes.
Font in use: Funky Yard – SVG Groovy Font + Extras
A video version can also be seen below👇