Investor presentation · September 2026

Merit ID

One verified identity, connected to everything of value a person holds, and an agent that uses it on their behalf.

SAR 2.4BLoyalty value expiring unused each year, KSA

15–20%Checkout conversion lost to identity friction

~3 secLogin, against thirty by password

Brian Arfi Faridhi · Product Director

Slider 1 of 3 · Problem, solution, tier and benefit, differentiator, AI

Identity does not travel, so value cannot travel either

The problem

People do not use loyalty because they do not understand it
Seven to ten programmes held, fewer than three used
Every programme runs its own signup, KYC and password

Our solution

One verified identity, and an agent that uses it for them
The agent reads what they hold and applies it unasked
Everything links to Merit ID. Nothing gets its own stack.

Tier and benefit indicative

Tier	Active IDs	Per ID / mo	Why they buy it
Starter	to 10K	~$0.40	Stop building auth
Growth	10K to 100K	~$0.25	KYC reuse pays back
Scale	100K to 1M	~$0.15	Idle points become revenue
Enterprise	over 1M	Custom	National, high assurance

AI core

The checkout agentOn a SAR 400 basket it finds points, a forgotten coupon, an unclaimed entitlement and a membership discount, and applies all four. SAR 91.25, about 23 percent.

mTrust Score · GA October 2026Behavioural score from 1 to 100. Sets limits, catches anomalies live, and sells as a risk signal.

The data behind bothCross-programme behaviour no competitor holds, because none sits across issuers.

How Merit ID compares auth vendors have no loyalty, loyalty vendors have no identity

✓ holds it ~ partial – does not

Capability	Merit ID	Auth vendors	KYC vendors	Loyalty suites
Verified consumer identity	✓	✓	✓	–
One KYC reused across partners	✓	–	~	–
Behavioural trust score	✓	–	~	–
Value travels with the identity	✓	–	–	~

Slider 2 of 3 · GTM

Saudi first, then the Gulf and Egypt

Countries

Saudi Arabia	Live
UAE, Jordan, Egypt	H2 2026
Wider Gulf	2027

Persona · B2C

Points-rich and digitally active, KSA and the UAE
Does not want an identity product. Accepts it because it unlocks value already owned

ICP · B2B

Banks paying for KYC per channel, not per customer
Telcos with large bases and little loyalty liquidity
Airlines whose miles are locked to one programme
Retailers carrying idle point liability
Government programmes needing high assurance

The issuer network today

Partner	State	Note
BSF, Al Rajhi, ANB	Connected	Technical connection established
STC Qitaf	Almost done	The handoff pattern the network reuses
SAIB	Client, and an investor	Identity connection still to build
Kantar, Nielsen	Running storefronts	Answer a survey with a Merit ID, get paid
Airlines	Target	Saudia, flynas, Riyadh Air

Density is the asset. Three issuers make three connections. Five make ten. Eight make twenty-eight. Per-seat revenue scales with customers. Network value scales with the connections between them.

Slider 3 of 3 · Revenue, users and roadmap

2026 builds the layer. 2027 sells it.

Internal only2026 external revenue, by design

~$1.0M2027 run-rate, 550K IDs at $0.15 model

~85%Gross margin, identity and mTrust

4Issuer connections live or closing

Where revenue comes from indicative, not validated

Layer	Rate	GM
Identity and API fees	$0.15–0.40 per active ID / mo	~85%
Issuer integration	$25–60K per issuer, one off	55–65%
mTrust as a service	$0.01–0.03 per call, or from $3K / mo	~85%
Cross-programme spread	1.5–3.0% of value converted	compounds

Settlement spread grows with network density rather than seat count. It is the only line that gets structurally better the longer the network runs.

Roadmap

Q4 2026	mTrust GA · internal rollout complete across Finance, ERP and Ops · SAIB and STC Qitaf closed · Nafath contracted · Membership GA
2027 H1	Partner-verifiable credentials, so a partner confirms a member without calling Merit · KYC reuse marketplace · mTrust v2 trained on the 2026 data
2027 H2	Cross-programme clearing against one identity · national-programme deployment · identity layer beyond the Gulf

Per-seat revenue scales with customers. Settlement scales with the connections between them. That is a much steeper curve, and it is why the issuer count matters more than the headline price.

Appendix · Product proof

One connection, and the value follows the member to any checkout

A member links a programme once. After that Merit ID carries the balance, the tier and the offers into any store that accepts it.

**Connect a programme once**Six live, three ready. Merit ID keeps every balance and tier current from then on

**One consent screen**Read only balance, tier and benefits. STC keeps the points, Merit ID only connects them

**At a third party checkout**Merit ID sits above the cards under "Before you pay". It does not replace the card

**What the connection is worth**SAR 91 found across four programmes, so SAR 400 is paid as SAR 309

Merit never holds the value. Each programme keeps its own points, and Merit ID applies them in the order that wastes the least.