Duplicate the layer and move the copy two pixels up and two pixels to the left. Repeat this four or five times. When you’re done, select the copies and convert them to Smart Objects. Merge the layers and name the new layer ‘Text Effect’.
Duplicate the ‘Text Effect’ layer and go to Filter > Blur > Gaussian Blur, setting the radius to 15 pixels. Set the blending mode to Screen.
Duplicate the ‘Text Effect’ layer again and go to Filter > Blur > Radial Blur.
Change the amount to 100, set the blur method to Zoom, and set the quality to Best.