Investor presentation · September 2026

Merit Super App

Where the member earns and spends. Merit ID is the identity underneath. This is the surface the consumer actually lives in.

$50MYear-1 GMV target, four markets

SAR 2.4BPoints expiring unused each year, KSA

Internal releaseAndroid, Saudi Arabia

Brian Arfi Faridhi · Product Director

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

Points you cannot earn on, and cannot spend

The problem

Earning is locked to one brand, so balances stay small
Spending needs the issuer's own store, at the issuer's own rate
SAR 2.4B expires unused in Saudi Arabia every year

Our solution, one loop with both halves

Earn anywhere on the network. Surveys, cashback, referrals, streaks
Spend at any checkout, points and cash on one slider, at a rate you see first
The agent finds value you forgot you held

Tier and benefit · the app is free, the revenue is on the partner side

Partner tier	What they get	What Merit takes
Listed	Expiring liability becomes a transaction	Commission on points spent
Connected	Members earn and redeem across programmes, so they stop leaving	Commission plus spread
Insight	Sees what members do outside their own walls	Data subscription

AI core

The checkout agentOn a SAR 400 basket it finds four separate pieces of value and applies them in one pass. SAR 91.25, about 23 percent.

The coach, on the earn sideOne thing to do, with the reason attached. Use 200 points, they expire on the 12th, worth SAR 20 today.

mTrust Score · GA October 2026Visible to the member so it shapes behaviour. Sold to partners so it earns.

How the Super App compares issuer apps let you earn but not spend elsewhere, brokers let you convert but never earn

✓ holds it ~ partial – does not

Capability	Merit	Single-issuer apps	Exchange brokers	Cashback apps
Earn across many programmes	✓	–	–	~
Points and cash on one slider	✓	–	–	–
Any-to-any exchange	✓	–	~	–
Verified identity underneath	✓	–	–	–

Slider 2 of 3 · GTM

Four markets inside Year 1

Market	Year-1 GMV model	Approach	Status
Saudi Arabia	$28.8M	Primary market, full three-path launch	Internal release, Android
UAE	$14.0M	Mirror launch, same product and team	Nov 2026
Jordan	$2.5M	Gift cards and issuers, 65-hire street motion	Dec 2026
Australia	$5.0M	Through Synchro	Early 2027
Total	$50.3M	Base case. Band: conservative $20M, stretch $130M.

Persona · B2C

Points-rich - scattered balances, quietly expiring
Value-maximizer - guesses the best method on every purchase
Cross-programme - cannot move miles to bank points

Three growth paths

Path	Year-1 GMV	What unlocks it
A Institutional issuers	$8–15M	One BD hire
B First-party margin	25–30%	Ops hire and float
C Paid acquisition	Upside	Budget beyond the base

ICP · priority issuers per market

KSA	STC Qitaf, around 15.7M members · Al Rajhi Mokafaa · Saudia Al Fursan, integrated
UAE	Emirates Skywards · Etihad Guest · Al-Futtaim · Carrefour
Jordan	Bank of Jordan · Royal Jordanian · Arab Bank
Rails	Moyasar live: mada, Visa, Mastercard, STC Pay, Apple Pay

The base case is organic. It needs product quality and market launches, not the full paid budget. Paid acquisition drives the stretch, so the plan holds even if marketing spend moves.

Slider 3 of 3 · Revenue, users and roadmap

$50M across four markets in Year 1

$50MYear-1 GMV target, confirmed 26 May

$5.4–9.0MMerit gross income, base case

150KYear-1 monthly active target, KSA model

Pre-launchNo public user base yet

Where Year-1 revenue comes from model

Market	GMV	Share
Saudi Arabia	$28.8M	57%
UAE	$14.0M	28%
Australia, through Synchro	$5.0M	10%
Jordan	$2.5M	5%

Unit economics

Blended 8% third-party take rate, 25 to 30% first-party margin
Acquisition cost under $10, against neobanks at $20 to $50
Driven by referrals and partner migration, not paid installs

Roadmap

Q4 2026	Public launch on both stores · mTrust GA · gamification and referrals · UAE mirror launch in November · Jordan in December · points and cash slider v2 · checkout agent v1
2027 H1	QR scan to pay on the first rails partner · virtual card and NFC · first issuer live on the alliance model · any-to-any exchange beta · retention programme
2027 H2	Unified wallet · subscriptions coalition · Synchro integration and Australia on the Merit stack · coalition loyalty at scale, Merit as the layer between issuers rather than a destination app

Revenue here is full transaction value, first and third party. Take rate is a margin metric, not a revenue metric.

Appendix · Product proof

The app, as a member uses it

Points from any connected programme, spent on real products at checkout. Pre-launch build, KSA first.

**Onboarding**Connect a reward programme, then spend the balance

**Balance to purchase, in four screens**See the balance in SAR, buy a real product, check out in points, and see what is left

The member never converts points into a voucher. They spend the balance directly, and the remaining balance is shown back to them on the receipt.