Rezolve AI PLC (RZLV) Earnings Call Transcript & Summary

[Audio Gap] To 2010. And it was built on search and catalogs and keyword box interrogation. The second ran from 2010 to 2024, and it was all about mobile with a phone in every pocket, advertising targeted through social media and checkout moved to that screen. The third era has already started, and it is agentic where technology conducts search and transacts autonomously on behalf of consumers. Historically, if you wanted a new pair of sneakers, you would go first to Foot Locker, then to Nike, then to Adidas possibly, and you decide after reviewing 3 sites yourself. Give that job to an AI assistant and it sends countless agents off to hundreds of sites, all at the same time. Those agents interact and interrogate what they can access across the whole Internet and come back with a curated answer. Imagine 100 merchants questioned by a machine on behalf of a shopper who never visited a single one of them. Multiply that across every shopper and every question. Merchant systems are facing a hundred-fold increase in activity already. This is an unprecedented change in behavior and the vast majority of companies are simply not ready. E-commerce, as we know it, is finished and what replaces it is arriving faster than anyone expected. The retailers who move first will take enormous share and the ones who wait will spend a decade catching up. Most retailers can see this coming and need an immediate solution that can support their end-to-end commerce journey needs. And we at Rezolve AI have spent 10 years, 10 years, building that solution. Michele will talk you through exactly what that opportunity is worth right after me. But let me start with the numbers because they make the argument better than I can. In the first half of this year, we delivered GBP 130.8 million of revenue. That was more than 20-fold what we delivered in H1 2025 and nearly 3x our revenue in the whole of 2025. We're targeting at least GBP 500 million of annual recurring revenue as we exit 2026 as -- and we go into 2027, and our strongest trading period is still ahead of us. Our next job is profitability. And we have a strategy to get there faster, built on growth we can sustain. We are operating from a position of strength. We have the team, the technology and the partners in place to succeed at scale. From here, we are growing what we've already built, and that costs us a fraction of what it took us to build it in the first place. That must be my mother calling me. It's obviously very serious. Our strategy starts with our mission. Rezolve AI is the infrastructure backbone powering AI-driven commerce for merchants, financial institutions, hyperscalers and technology companies. We start with merchants and the same infrastructure we build for them can be sold to every other part of the chain from banks and payment networks to the largest technology platforms in the world. BrainPower is our own proprietary language model trained from first principles for commerce and protected by more than 30 patents. We all know AI can talk. The problem is it can make things up. And in a live store, one invented price costs a merchant the sale and the customer. Hallucination is the reason most retailers will still not let AI sell on their behalf. Brainpower was built to solve that problem, and we will show you exactly how later this morning. With the technology built, the job is now distribution, and we are running 3 growth engines at the same time. The first is organic growth, driven by our own go-to-market sales team selling directly to enterprises around the world. The second is distribution through partners, whose marketplaces and sales forces put us in front of customers we would take years to reach on our own. And the third is licensing that infrastructure itself so that platforms, banks and payment networks can run on the data intelligence transaction and payment rails we have built. Together, they deliver against 5 priorities, every one of which you will see proved today. The first priority is win the enterprise. We have built one suite of products that carries a merchant from the moment a shopper starts looking to the moment the money lands, discovery, conversation, recommendation, merchandising, loyalty, checkout and payment all run on one shared layer. A merchant integrates once. We ended June with well over 1,000 merchants, and our job now is to move every one of them from first deployment into full production across the whole suite. Today, we will show you all of it running on live enterprise sites. The second priority is own the payment. Influencing a purchase is worth something. Completing it is worth far more because that final step is where the economics of commerce sit. We are building Rezolve Pay to lift conversion at the moment of payment. It would put more of every sale back into the merchant's pocket by removing 2% to 3% transaction fee that they've paid on every single purchase for decades. Beneath every product sits infrastructure, which we own outright from our commerce tuning language model and data pipelines to the verification layers that prove why an agent did what it did. Platforms, financial institutions and enterprises can license those rails from us and save themselves years of expensive building. The fourth priority is scale through giants. Microsoft, Google, Tata Consulting Services, Tech Mahindra and most recently, Mastercard give us marketplaces, enterprise sales forces and delivery capacity that would take a decade to assemble on our own. They already sit in the room with the enterprises we want to reach, and they hold the budgets and the relationships. The fifth priority is compound the margin. Our acquired businesses are being consolidated into one operating platform. Our revenue mix is shifting towards software and recurring revenue, and every new deployment costs less to serve than the last. Everything you hear today comes back to one of those 5 priorities, and you can track our progress against every one of them. Here's how the day runs. I think I've run through a couple of more slides. There's our priorities. Here's how the day runs. Nine of us are presenting today alongside 2 panel sessions, and that is deliberate because this company runs far deeper than one founder with a story to tell. Michele Fisher, our Chief Marketing Officer, follows me to define Agentic Commerce and set out the size and shape of the market. We then open up the platform layer by layer in order -- in the order a shopper moves through it from getting a merchant found to turning into a visit, from turning a visit into a sale to turning that sale into a customer who comes back to completing the checkout. Laurence O'Toole, our VP of SEO, AEO and Discovery; David Ingram, our Chief Experience Officer; and James House, CEO of Rezolve Reward, will then put the live product in front of you running against real deployments. Naga Samineni, CEO of Rezolve Pay, will give you a glimpse into the future of payments with a preview of Rezolve Pay. Sauvik Banerijee, our Group CTO, closes that section with a look at our intellectual property and the technology we built to hold it all together. Steve Perry, one of our nonexecutive directors; and Elizabeth Lachhar, our EVP of the Americas, will then explain why this moment is different from every earlier wave of retail technology and what it looks like from the inside of the payments industry. After the break, you will hear from 2 of our partners, Kimberly McKinley from Microsoft and Saurabh Atri from Tata Consulting Services, about the Agentic commerce landscape and why they chose to work with Rezolve AI. Arthur Yao, our Group CFO; and Kate Gussin, our Deputy CFO, will close with the financial picture and our path to profitability. Today's Rezolve AI presenters will then take questions from all of our investors. We are the -- we are taking these through the web platform. So if anyone sitting in the room or online would like to ask a question, as Ermie said, please submit it there. We'll do our very best to get through as many as we can in the time available. The product is live in the reception area outside. And throughout the break, for those of you who are with us in person, I encourage you to go and experience the products firsthand. I'll leave you with one thought before I hand over. I started my first company made in 1984. I know you can't tell because I look so youthful and put business information online before most people had even heard of the web. In 1998, I founded Vendor to run e-commerce as a hosted service, years before anyone called it Software as a Service, and Oracle went on to buy that company. Alongside it, I founded Attract, which built the search and merchandising tools that decide what shoppers see, and I took it to the London stock market. Each time I saw a new way of buying before the market did, Agentic commerce is the next change in how people buy, and it's already here. Rezolve AI is the only provider that gives merchants everything they need to meet this new paradigm, everything from discovery through to payment in one place. I was right about the previous changes to e-commerce. I'm right about this one. The only difference is this time, the prize is much, much bigger. This is the most exciting company I've ever been involved in, and this is the most exciting time that I've ever experienced in my life in technology. The transformation of what we're seeing with agentic technologies and artificial intelligence is breathtaking and transformative, not just for business but for our lives. I'm very, very happy to be here running this business in this market that has such infinite potential. Michele is going to show you just how big. Please welcome Michele Fisher.

Thank you, Dan, for setting the stage. Hi, everybody. I am so honored to be here today to get to talk to you about what it is that we are building for and who we're building it for. My name is Michele Fisher. I'm the Chief Marketing Officer here at Rezolve AI, and I am absolutely thrilled to be a part of Rezolve AI. I joined about 4 months ago. It's been about 2 decades for me in retail, starting all the way when I was selling bridal gowns to being able to be at the intersection of infrastructure and emerging technologies and storytelling with storied companies like Disney and Amazon. To get started, I don't think anybody is going to be surprised in this room that commerce is going through a monumental shift. It's a total redesign. And someone is going to build that infrastructure and every single thing that we're building is ensuring that we are the company that is going to be it and transacting with it. The very nature of shopping has gone through a fundamental change. Merchants spent years developing strategies, and many of you may have even experienced this where they put billions -- millions and billions of dollars into strategies to improve their search to be the first thing that people see when they go to Google. And now all of that is shifting to if you don't get chosen in the first 3 to 4 AI recommendations, you're practically invisible as a brand. 42% of shoppers consult with LLMs according to an Adobe traffic report. And actually from the same report, shoppers referred to retail sites through AI convert 61% more often than customers who come through other channels. That's not a trend. That is an unbelievable change. So we'll go through a little bit of this big shift in the next slide here. Agentic Commerce is going through a multitrillion dollar shift in a $30 trillion industry. Retail is the demand signal for the global economy. It is -- it's impressive how in just such a short period of time, we've seen retail shift from the old way that we used to go shopping, which I will go into in just a minute, to now $3 trillion to $5 trillion going through what are predicted to be going through Agentic commerce and through agents. Bain has actually predicted that 15% to 25% of commerce or 15% to 25% of all e-commerce by 2030 will actually be going through e-commerce as well. And just to restate, $3 trillion to $5 trillion in 2030 will be going through agents as well. So merchants need to be ready. They need to ready their catalogs with machine readable data or face being invisible at the moment that a customer comes and has their query. If you are missed at this point in the 3 to 4 AI recommendations that people get when they're doing their shopping, at best, you can consider that a lost opportunity. At worst, you consider that a missed sale, and that's what we're trying to solve. The sales funnel has essentially collapsed. And I'll give you an example of how that changes. And many of you have probably experienced this before yourselves, where you've gone and -- for example, with me, I'm going to be in New York City again. I'm based in Seattle at NRF, and I'm going to need a winter coat. When I go and I go shopping and go to Google, this is the old experience. I've got all of these different recommendations, and there'll be sponsored products at the top, and I'll probably scroll past those and keep scrolling and scrolling and scrolling endlessly. I might have to go to Page 2, Page 3, and I'll give up altogether. And I'll go to a site that I already know, to a brand that I already know where I'll be met with thousands of different categories, different filters, different colors. I'll have to pick my size. Am I petit or standard? Don't answer that. We know that. And it's going -- it's such a frustrating experience. And it's not just a frustrating experience for me as a customer, it's a really frustrating experience when I actually get to the product that I want and it's out of stock and I give up entirely and go to a different brand because that merchant actually knew who I was. I went to that brand specifically because I returned an item 3 weeks ago. I had been in their store. I have a credit card on file and yet they can't actually track me and talk to me like their own customer. And why they can't do that is because there's data that is located in silos across an entire organization, whether or not it's the customer behavior in the CRM or it's the catalog data that's in the PIM or where my order is data that's going to be with supply chain, it's all in different areas. Now the infrastructure that we're talking about is connecting the dots between that moment of discovery within AI and LLM recommendations all the way to capturing that moment once you enter the site, which I'll go through in that new experience, which we are calling Rezolve Commerce. So now let's fast forward to the happy future. And this will be the experience that I will experience as a customer when I'm working with Rezolve technology and a retailer. So now let's go back. So I need that coat again. It needs to be a warm winter coat for NRF in January. And what I'm going to do is I'm actually just going to go to my favorite LLM. And this is the flywheel that we're talking about. I go to my favorite LLM. I type in all of the context that I need because it's actually not just NRF. I'm also going to need it prior for the ski season. It also has to be business casual and how do you do business casual when you look like a marshmallow in these winter coats. And so I go to my favorite LLM, 3 to 4 recommendations later. I click through and I go directly to a site. And then I'm captured by this wonderful concierge that greets me at the storefront on the digital storefront and says, welcome back. Already knows who I am, already knows what I bought, already knows what colors I tend to like, what kind of things I may have sent back, for example, and even gives me recommendations of things that I may want next based on my purchasing behavior. That's the kind of personalization we're talking about. So not only have I skipped all of these massive frustrating steps, I have also been able to find exactly what I want in a very short period of time, and they've upsold me to all of the hat glove accessories. So now that's the experience of Rezolve Commerce. Let's move on to the actual transaction, which is Rezolve Pay. They already have my credit card information. When Rezolve Pay is live, there will be an elegant handoff where essentially I transact through the exact same platform. And there will be a balance that's live on my site or that's live within my account that I'll be able to go and spend and it will incentivize me to actually come back because who doesn't love a balance. And then Rezolve Reward through loyalty will reengage me with offers that are available within my own bank payment apps that has scrolled through and seen all of the different things that I purchased and given me an offer that is personalized just for me for that store that I can go back and redeem when -- whenever I choose to go back and the merchant will have offered that up and it will actually -- they'll pay for it once they actually get there. And finally, there's Rezolve Insights. Now this is the part that actually really excites me, and I'm excited to have James up here to talk about it a little bit because as somebody who has been in retail for a really long time, both in consumer goods, especially and in retailers as well, insights are super, super valuable in the era of AI. It's something that is monetizable in hundreds of different ways. And I can say that also having been in that business for a long time. So being able to take those insights and eventually turn them into something that will drive your discovery and your visibility, taking data that comes through conversation and being able to enrich it in your PIM so that you have machine readable data like we talked about, you're able to discover it or use it for discoverability and LLMs, that's all driving the sale. Instead of missed sales, what you're seeing is that flywheel getting stronger and stronger and stronger every single time that it's getting used. We're trusted by well over 1,000 customers and know you see a lot of these logos. They're familiar to everybody. This is what we are doing today. We are helping retailers to get chosen, get paid, get real incentives that drive a loyalty base with AI and drive higher and higher likelihood of being chosen the next time that a customer comes and does a query and being chosen in those 3 to 4 recommendations. The longer that this flywheel runs, like I said, the more valuable it becomes. And we are the only company building the entire sequence of discovery all the way to checkout, all the way to insights, all the way back to being chosen again. This is the new conversion loop talking about. Essentially, like I said, sales funnel has collapsed, and now we think of it as more of a flywheel. And we're doing it with one layer that is no rip and replace for a retailer that, as we know, has a lot of legacy technology. Our customers today are mid- to large enterprises, $200 million GMV in both the hospitality and in the enterprise merchant space. However, we're actually aiming up the curve to over $500 million. This is not a pilot. This is a full transformation. This is a Board decision. So it's with my honor to be able to present to you the first person who's going to go a lot deeper into these aspects of getting chosen, which is Laurence O'Toole. Thank you so much.

Thank you, Michele. I must confess I can relate to that shopper, and I brought the evidence. This is everything I purchased so far this year sorted into 3 columns by how I chose it, or should I say by how AI chose it for me. On the left, AI researched, evaluated, shortlisted and recommended everything on that list from a sensible German electric car for the family to a secondhand car for my daughter after she drove the first one into our house, yes, really, to a wood log of chopper, something else for shifting logs. I don't even know what it's called an electric chain saw. My point is this, 80% of my expenditure was here, was fully researched and evaluated and recommended and shortlisted by AI. 2 years ago, that would have been 0. In the middle, this is where the volume is, low-value commodities, over 150 items that I wasted my time researching manually comparing potato peelers and waste bins and extension leads and car shampoo, my car doesn't care what car shampoo I use and nor do I. I would happily hand all these over to an agent. I will as long as it buys reputable products from reputable retailers with a good returns policy. And finally, still manual for now. The stuff I care enough about to read the reviews and actually watch the YouTube videos. But for me, that list is getting shorter every single year. I'm Laurence O'Toole. I spent my career optimizing websites for search engines and more traditionally now recently for AI search engines. What my purchase habits tell me is if you are missing from the AI shortlist, you're going to miss out on the sale. And there's 2 factors driving this that I want to cover. First is machines are reading more data than humans these days, and the humans are telling the machines much greater context about what they want. I want to look at each of those in turn and then look at what that means for merchants and how we can help them. So according to Cloudflare, 62% of traffic on the web now is bot traffic, and it's growing. It's almost 2:1. That gap is widening. Why? You make a query to an AI engine, as Dan mentioned earlier, and it does multiple queries behind the scenes, reads dozens of web pages. You hand that to an autonomous agent that's running 24/7 and that multiplies and multiplies again. I think what's really interesting is human security did the research last year and said, "Well, where are these AI agents going? 87% of the pages they're reading our product pages." Why? Large language models have training data and has cutoff date. So to offer agentic commerce to offer great recommendations to clients. They need accurate information. They need accurate product feed information. That means descriptions. That means conversation attributes so they can match the right customer to the right product in the right moment. They also need things like agentic decision-making factors like popularity rank and return rates. You'll notice that Google, Microsoft, OpenAI, et cetera, have all added these conversational attributes to their product fees. Google recently announced that retailers that meet their best practices for agentic commerce feeds see a 4.5% increase in conversion value and 5% increase in conversions in the following months after implementation. So the AI platforms have articulated for us, what it means to be successful in agentic commerce. And as consumers, we're articulating more about what we want. Google, again, said that queries in AI mode are 3x longer than they are in traditional search. Our own research into Grok conversations showed that 85% of them are longer than 10 words, ChatGPT to search 75% longer than 10 words. As consumers, we're sharing greater context than we've ever done before. Why? Because we get better answers. And so that means we don't just express what we want, we express why. A couple of years ago, out of search for a backpack and then gone through 10 organic links and visited lots of websites. Now I can describe -- I'm looking for a backpack that fits a 17-inch laptop. It's waterproof, it got rugged zip, going to go on a bike a lot. The retailer's catalog needs to match that context. And if it does, then it stands a great chance of getting shortlisted by the AI agents. And AI agents, large language models, the platforms out there, they understand that consumers, we still like to window shop, but they will present a short list to us. Very rarely do they give a single best answer. Our research shows only 3% of the time for unbranded queries do AI answers contain just 1 brand. Even if you're named and your brand as mentioned in the prompt, 76% of the time, alternative competitors will show up on that short list. And the thing about shortlist consumers like them. Growth memo did some research that said 74% of time, consumers don't go beyond the short list. They're happy with the options and they evaluate and purchase from there. And that varies by category, some higher in other categories. I've spent 25 years optimizing for search engines. And what I've learned over time is that I used to help brands get to #1 on Google. Now it's about being on the short list consistently and most retailers are not ready. Most retailers are running on a Google merchant center feed that was built a decade ago that doesn't really understand intent. There's millions of Shopify stores that are arguably technically enabled for genetic commerce, and yet they don't have the context that the AI engines require. It's not enough to be named as a brand. It's not enough to be well known. You need to add the live conversational attribute to the real-life context around your products so that large language models, these AI agents can match the right customer in the right moment to your products and services. And also, you need to ensure that your marketing claims are corroborated across the web for AI to trust you. This is interesting. Our own research showed that 97% -- 97 out of 100 of the top U.S. retailers published no way for an agent to check out on their site. That's the opportunity in 1 number. And that opportunity compounds because the sources and websites that AI trust today are the ones that will be coming back to tomorrow. And we're building the solutions for tomorrow today for our retailers to capitalize on this opportunity. Our optimization layer for agentic Commerce helps the merchant win the sale whether that happens off site on a platform or on their store, whether that's bought by a human or whether it's bought by an agent. It's 1 platform, 3 layers we land once and then we can expand into the other areas. Our SEO platform has done what digital marketing teams always need, optimize your performance for Google and Bing. That market hasn't gone away. It's still there and it's still critical. The [indiscernible] search engine optimization platform helps you understand how you stand across ChatGPT, Google AI Mode, Gemini, Claude, Perplexity and so on. It helps you understand your brand's visibility, it's perception, which products it sells, the merchants and which sources the AI uses to frame their answers. And finally, our agentic commerce platform helps optimize at scale. And this is the 1 I'd ask you to remember because it clearly differentiates us from every single other SEO and AEO platform out there. Our agentic commerce engine reasons about the why behind your product. If you think about every product and every catalog out there, someone, a designer built a product with a consumer, B2B or B2C or a set of consumers in mind. But often, that's just lost across the e-commerce supply chain ends up with a couple of bullet points on a PDP page, our product detail page. We think about the why, we think about the real-life context, what are the scenarios, the applications, the use cases, the timing, the occasions that would give rise to someone to need to buy these products, and we put that back into the content in a way that helps sell the products for humans. It helps Search engine bots find it, and it's irresistible to AI agents. Here's a quick preview of what that looks like. So let's say I'm trying to sell men's jackets. Our framework, our research framework, thinks about the key commercial criteria that are important to customers when they're buying that. We can build a set of research prompts that are representative and check any of the major platforms out there. One through that, we can help you understand your visibility, your perception, whether the top products, the top merchants, and what are the key sources that the large language models are relying on to formulate their answers. We can then give you and your marketing team a set of precise data-driven recommendations to help you improve your visibility. Beyond that, our agentic commerce engine, we will reason about your catalog. We can ingest your whole catalog. We can think through architectural engine about all the scenarios, all the applications, all the use cases, even possible objections, key entities we need to mention. And we can put real-life information on the product page. Who's this for? What's it suited for? This is ideal for -- we can think about the agentic conversational attributes and enricher feed. So this is no longer just a range kit. This is a range of commuting and inclement British weather or for hiking or for dog walking, we go through the whole catalog and enrich absolutely everything you need. We can build the technical foundations and test to help your team get agenetic ready, and we can run experiments, so you can drive real ROI. In essence, we can tell you how you're performing across AI engines. Why you're performing like that and what an earth you need to do about it? Get that right, and the sale happens 4 ways. It can happen inside the AI platform. It can happen agents or agent machine to machine. It could happen with click and collect in store. And this is where our location-based technology kicks in with her permission, when she enters the zone, even down to the collection bay, we can ensure that we trigger an alert to staff. So that code is ready at the moment, Michele arrives in the collection day. Not only that, we can use that to trigger offers loyalties and post-sale follow-ups, all on the stack a retailer runs today. And finally, the fourth way the sale happens is the way it's happened for many years, is that she'll arrive on your website, ready to buy mid-conversation, and the next 30 seconds is the difference between making the sale and closed browser tab. But that's David's territory, more than mine. So over to you, David.

Thank you, Lauren. I'm David Ingram. I've been operating in e-commerce for about 30 years. You can tell that, starting with delivering some of the first e-commerce solutions back in 1995. In fact, when I started, there were no e-commerce platforms. We had to custom build each one. There were also no merchant accounts for online retailers. We have to convince acquirers to accept our customers on a case-by-case basis. It's extremely laborious. So I've seen and I've lived a large part of this evolution in e-commerce over this time. But honestly, I've never seen anything like the opportunity that's presenting today. So I'm going to talk to you about and show you some of the other elements of Rezolve Commerce. But I'm going to start by outlining some of the context that all this sits within familiar phrase, right? We see it everywhere. This term agenetic commerce, this concept it's unfolding before us at absolute lightning speed. Everybody is talking about it, and it's a huge topic. So I'd like to give you a bit of a model with which to think about it. And it's a model that I found to be helpful over the last couple of years during this journey. So firstly, AI assistants are starting to replace search as the entry point for e-commerce. So we used to start shopping on a search engine. We find a set of results. We click through to the brand's website and then we continue from there. But now consumers, folks like you and I, we're starting that journey on an AI assistant, right, not on a search engine. We're still ending up on the brand's website, but not from that traditional referrer. This is great for sellers, but also as our agents become more capable, many of you will have already seen this. Some of us are actually completing purchases right inside our agent's brand surface. If you think about that now, increasingly, we're not only starting our journey but also completing our journey on the AI brand surface. So we never actually see that carefully crafted beautiful brand experience that retailers have been optimizing for human users for 30-odd years. That's not the end of it. Because in some cases, and increasingly in the future, we're actually empowering our agents to buy for us. So we're giving our agents an objective or goal, if you like. We're giving them some permissions and some constraints, but it's our agents that are doing the exploring. It's our agents that are deciding, and it's our agents that are actually executing a purchase. So I'll summarize these models in a way that's really easily memorable. Here, agents are helping us find stuff. Here, they're helping us buy, right? Here, they're starting to buy for us so [indiscernible] for interesting, but so what? Where is the what? Because for sellers, that brings both good news and bad news. The good news is this AI referral traffic that's users who started a journey on an AI, a referring or converting 60% better versus those consumers that started their journey in traditional search. But the bad news is that up to 41% of that content is not accessible to AI agents Laurence touched on this. In fact, even that which is is largely still optimized for human visitors not for agents. So it's interesting for us as resolved because this means retailers just cannot sit still. They must take action. If they are to defend against this problem, they really, really need to know how they're showing up on agents and they need to fix that data. And they also need to protect against that dilution of their brand and that loss of ownership of their customers because customers, again, like you and I, were increasingly training ourselves to shop in different ways. And they've got to attack. They have to be on the front foot, if they're going to grab the opportunity the Agentic Commerce promises them. It's higher conversion. So I'm looking around the room, most of us have been around for a while. We've been in e-commerce for a while or we've been on the periphery of it. But until this point in history right now, this remained largely unchanged search, results, click through, pagination, filters, sorting, search again, repeat, repeat, repeat the sort of stuff that Dan talked about. We've seen improvements. We've seen iterations. We've seen evolution, but now everything is changing. It's no longer evolution. It's an absolute revolution. It's not a trend. It's a structural shift -- and that's what Rezolve is solving for. Most people are thinking about what new AI features to add to their products, but it Rezolve's building that infrastructure, that platform for this entirely new mode of commerce. A lot to think about. So let's just recenter our thoughts for a moment. You saw this picture earlier today. At the highest level, Michele showed you what Rezolve was building. She showed you this map Rezolve Commerce, Rezolve Pay, Rezolve Reward, Rezolve Insights. And this incredible flywheel that this creates, and sellers start to prepare for agentic commerce. Laurence showed you how Rezolve is giving retailers these essential tools to know how they shop for agents and why they show up or why they don't and how to optimize accordingly. Naga is going to explain how Rezolve Pay introduces modern payments going beyond that 30-year-old payment paradigm that all sellers have been operating for 30 years. And James is going to explain how Rezolve Reward and Rezolve Insights help sellers stay competitive and build and own that loyalty in their customers and how that wealth of data and information that's generated further fuels this flywheel that we're building, which leaves me somewhat in the middle and in particular, I want to show you what conversational commerce looks like. So we're going to roll a short live demo. [Presentation]

The sort of experience you'd get in a store, but a little tricky to go [indiscernible]. [Presentation]

Sure I get away with that color in real life. [Presentation]

So I very much look forward to being able to show you that once resolved payers on the end closing that loop. Quick recap. Today's e-commerce UX, is 30 years old, it's changed. Brainpower, it's our proprietary AI stack, it's domain specific, it's commerce trained and it's grounded in merchant data. So it won't invent facts. It engages with empathy. It holds a natural flowing conversation, but also understands that intent expressed actually translates into goals, and the goal is selling Multimodal UIs, like you saw there, voice, web, text, image, they're all interconnected through that conversational context. And it's deployable on any brand surface, so responsive web, mobile app, in-store kiosk, smart speaker, smart glasses, even in your car, that's conversational commerce. I'll hand to Naga, who's going to pick up the journey with Resolved pay.

Thank you. Good morning, everyone. For those I have not yet met, I'm Naga Samineni, CEO of Rezolve Pay. I built my career starting as an engineer at Microsoft and Twitter before moving to Facebook, where I worked in the leadership of Global Payments. I then built and exited my own payments company. I joined Dan and the team here about 6 months ago, and I'm really excited to show you the inside of the early stages of what we're building at Rezolve Pay. You have now seen almost the entirety of the customer journey that resolved AI runs for the merchants from helping brands get discovered to converting interest into purchases and helping drive repeat business. Every retailer wants all of these activities to end up in the exact same place. And that is checkout. And it turns out, checkout is that 1 part of this journey that we currently hand off to someone else today. And it also turns out, it's also the part that the merchant has least control over and has the most to lose from. And getting that right is exactly what number 2 on the priorities that Dan set out earlier this morning is all about owning the payment. See, cash was the last payment method that worked beautifully for the merchant because a $100 in sales meant $100 in revenue. See nothing at all was actually lost in the act of getting paid. And money landed, the moment the sale was complete. And every system that was built since was built actually for somebody else, whether it's the bank, whether it's a payment network, whether it's a shopper. And don't get me wrong. Every payment method has brought about a genuine improvement for the people for whom the payment methods were designed around. But it turns out merchant was the one who quietly ended up paying for all of them. Let's zoom in on this for a second. On what happens today when a shopper pays by card. You see a series of intermediaries start up and take a slice of the sale. And every slice it turns out, is charged as a percentage of the transaction and not a percentage of the profit that the merchant actually keeps. As we see the 2.3% of the fee that we are talking about for the merchant seems small, but put in context, it's 1/5 of the merchant's profits. And there is the weight a sale that closed on a Friday afternoon doesn't hit the merchant's bank until the following Tuesday. The industry calls it the 2-day business standard. Because as we all know, money and computers love to take the weekend off. that's why I'll sit with that for a second because that's the part that a lot of people overlook. This is merchants' own money that they've already earned that the customer has already spent sitting in someone else's banking account for 3 days. And this happens on every transaction in the entire year. Now every CFO knows what that means for the working capital for the merchant. And here's the part that I find extraordinary. If you ask anyone in the payments industry, whether this experience for the merchants can be better, They'll tell you, of course, it can. But when you ask them, if they're going to fix it, of course, they are not -- because you see, when they take a percentage of the sale, that is their entire revenue. It's this classic innovator's dilemma, where when inefficiency becomes the business model, people who are on the inside don't go out looking for the cure. Now before I tell you what we are building, I want to be straight about the field that we are entering. You see payments is actually a crowded space. A great many number of companies have raised a great deal of capital on the promise of building a better checkout and the results have genuinely been mixed so far. Some of them have actually gotten parts of it right and they're still going strong today. But a lot more of them, even after raising enormous sums are no longer here to tell their tale. However, Almost every one of those items started first in payments and work backwards into understanding commerce. But we are actually coming from commerce and working forward into building payments. Because we have much deeper context and empathy for what commerce really wants based on our [indiscernible] and I think that's a meaningfully different place to start from. What we're building is payments that is reinvented, reinvented around a better experience and better economics for both the merchant and the shopper. And we are uniquely placed to solve this problem because every single product that Rezolve AI sells to merchants comes with the same promise of converting a browser into a buyer. This conversion is that one single thread that stitches and runs through every part of our business. Now as you have heard from our colleagues today, turns out 7 out of 10 shopping carts are actually abandoned. When you break it down, extra costs at checkout adds for -- accounts for about 40% of those abandonments. Lack of trust in storing car details with the merchants account for 19%. Being forced to create accounts cost about 18% of cart abandonments and a checkout that simply takes too long on the 17%. Now on reading this, it's actually lets clear for us that what appears on the surface as a marketing problem because the customer lost interest in the product that they want to buy is actually an engineering problem. You see because these are not the customers who lost interest about the product, they were actually interested in it. But at some point along the way, they just gave up. Now think about what that means for a company like ours because we spent the entire customer journey, earning a customer's attention sparking their interest in the products and the brand and building their conviction around the products that they actually want to take home. And in the final step, when it really matters, they meet a checkout and -- which is what we don't build today. And the entire work that we put in for running this customer journey is left exposed to the sale leaking at the worst possible movement. But if we control this journey end-to-end, what that means is that we shape the problem entirely because every step is now built with 1 objective, instead of being handed off to someone else at the point of greatest risk. And that is how it's a commerce argument before it is even a payments argument. And that's precisely why I believe we are the company to solve payments. Let me tell you what we are building. Rezolve Pay will be the most beautiful opinionated checkout product that is rail agnostic covered by Rezolve AI's own technology. And it carries every single payment option that a customer expects to find today, whether it's a card, whether it's Apple Pay, whether it is Google Pay or whether it is pay by bank doesn't matter. The important part is what actually sits behind. The payment details are tokenized and are stored centrally instead of at each individual merchants. And what that means for the merchants is all the benefits of saving the customers card on file without the drawbacks and the risks of doing such. And what this also means for the shopper is that once they get themselves set up on 1 merchant in our network, they arrive at the next 1 with the details already filled in and ready to go. They don't even have to type a thing. And this effect compounds -- every merchant who joins our network makes it better and more valuable for every merchant that already exists and every merchant that's going to come after because of the shoppers that come in already enrolled. Finally, because Rezolve Pay will be vertically integrated with resolved commerce, that decreases dramatically the friction between intent and customers walking home with their product. The first reason why I find this really exciting is that it directly addresses the abandon issue that we talked about. Because the card details are never sit are never stored at the merchants, we take back the 19% of card abandonments. And because nobody is forced to create account twice, that's 18% of abandonment taken back. And because the checkouts are now faster than before, that's 17%. You see 3 of the 4 largest fixable reasons why a shopper walks away from a sale are answered simply by the design of the product even before we get into engineering and optimizing the margins. And the second reason why this really excite me is the economics. The Rezolve Pay, merchants can set a cash back rate that rewards the shopper for choosing our recommended payment method, a payment method that carries lower cost of processing and lower cost of service for the merchant, and that reward elitdirectly gets applied and triggered at the checkup. This is what I call a win-win. The shoppers get a better deal. The merchant sees their blended processing costs come down and the merchants margins improve with every shopper that converts, and that's what we do. Now before we shift cars, the last thing that I want to talk about this, and this is really important is that all of this sits on merchants' existing system. We're not asking them to switch to anything and rip and replace anything. All their existing systems, their existing order management system, the back end their existing payment processor contracts, they can stay intact. We work with all of them. We sit on a layer about that. I want to finish by looking forward. As you have heard from my colleagues today all morning, Commerce, as we know it, is changing. And what that means is payment as we know it will change, too. As Michele set out this morning, agents are now transacting. Increasingly, the buyer arriving at a checkout page is not a person at all. It's software, software that knows who you are, that's acting on your behalf. That carries your preferences, your loyalty, your payment methods, your payment mandates, that's the next buyer. And this is not a distant picture that we are chalking up in the whiteboard to San Francisco. This is actually what is happening today, live. And it is increasingly accelerating, thanks to all the advancements that the market is seeing today with Muse, OpenAI, everybody else. Now think about what that asks of a payment system that is built for the yes or years. Because a checkout that is built for a human is the wrong shape for the new buyer, which is the machine. Now the industry hasn't settled yet on how agents will pay. There are several standards that are being proposed all the time. And the industry is yet to class on the 1 standard. But whatever it will end up being, we are building the layer that is 1 above it all. We are not a button in someone else's system, so we don't have to pick the winners. We don't have to pick the standards that win. We support them all. And because shoppers details are already held securely at the network level, what that means is that the agent can now transact end-to-end without touching anything that is sensitive. There is a great deal more to come from here. And I'm looking forward to really sharing with that soon as we reach the market. Now I know every one of you wants to learn more about what it means with Muse and OpenAI and how does all of this work with Rezolve and Rezolve Pay. I'm excited to share that with you in the next few days. And with that, I'll hand this off to James, who will walk you through Rezolve Reward and Rezolve Insights.

Thank you very much, Naga, and good morning, everyone. It's great to be here with you today. I'm James House, I'm the CEO of Rezolve Reward I've spent 30 years in loyalty, data and technology companies and in leadership roles within Mastercard and BNP Paribas, amongst others. I think you've just heard from Naga very clearly how Rezolve Pay is reducing friction for the customer in the moment of payment. I'm going to talk to you now a little bit about how Rezolve Reward is really extending that reach into the broader customer relationship. There we go. So Rezolve Reward, for those of you who aren't familiar, sits at the intersection of banking and commerce. Our banking partners bring customers, a trusted network, we all trust our banks and transaction data. our merchant partners bring a demand for profitable growth. We take the bank's first-party transaction data, be that from a current account or a checking account, a credit card transaction or a debit card transaction and we turn that into actionable customer intelligence. This intelligence drives more relevant customer engagement for both the banks and the merchants. So we start to create this virtuous circle. Most importantly, and I think this is a really important point, especially in today's economic environment, is we closed the loop to the actual purchase. I think every marketer today really wants to understand where they invest their dollars and where it has the biggest impact. And we bring the most powerful source of measurement, which is actually the transaction. So I'm going to take the next 10 minutes really, just to tell you a little bit more about Rezolve reward and Rezolve Insights as well. So as you can see here, reward is operating at a global scale. We're in 15 major markets and we're delivering programs to engage consumer over 14 million consumers. We have over 30 major financial institution and payment partnerships. And this really spans the major schemes, as you can see, from Visa, MasterCard and Amex, to some of the world's leading issuing banks and also to some innovative fintechs, such as Zilch, for example. We analyzed over 100 billion transactions in the U.K. market. That is 1 in 3 transactions alone that we're actually analyzing, and that represents around GBP 140 billion in annual spend. So you can see a real power in terms of the depth of insight that we're driving. We also connect over 30,000 retail outlets and several hundred merchant partners. And you can see in the corner there some major brands from Starbucks, McDonald's, Disney, Deliveroo, now part of DoorDash, Uber Eats, amongst others, I could go on. We're connecting everyday spend categories here. So we span QSR, grocery, fashion retail, specialty retail, media and telco amongst other sectors. So we really have every element of consumer purchasing covered. And importantly as well, we've returned over GBP 2 billion of value back to consumers. So consumers are deriving significant value from being part of our programs. We operate a very powerful self-reinforcing cycle. It starts at the center with engaged bank customers. So everything we do for our banking partners is about driving deeper and richer customer engagement. That gives us access to the data that [indiscernible] spoke about. So we can understand where customers are shopping, how often they shop, how much do they spend, how loyal are they? How do they switch between different brands. So there's a real, real power, and I struggle and I've worked in data for 30 years to identify a more powerful source of consumer intelligence. So we take that data and we derive intelligence from it. That can be segments, that can be propensities, that can be helping our clients make better business decisions as we go forward, who to target with what proposition and where to invest. And then importantly, we then can activate on those audiences and measure the resulting transaction. So I think, again, in today's market, there's a plethora of insights available to marketers. I think what we're able to do is actually deliver the richest sort of intelligence activator on it and then measure it. And as you can see, the more engaged customers that we get, the more data we get, the better the targeting, the segmentation and the propensities are going forward. And that's the compelling cycle that we operate. I think further kind of positive news is that there's a massive growth opportunity for our business. We have significant tailwinds in each of the 3 markets that we operate in, customer engagement, commerce, media and consumer insights. Within customer engagement for banks, we've talked about the propensity towards digital payments Naga mentioned, the shift away from cash. We can talk to the battle for top of wallet data. So every customer now is operating a wallet with multiple bank cards, every bank wants to be top of wallet. And every bank wants to create new ways to engage with consumers. Let's face it, our banking relationships haven't been always the most exciting Banks are looking to create new ways to connect with consumers and drive NPS. For merchants, the challenge is how do you drive greater ROI. Most marketing budgets are challenged. How do you deliver greater uplift? And importantly as well, how can you drive deterministic measures. Obviously, the advertising industry has been heavily governed by proxies like clicks, propensities and impressions we bring the definitive deterministic measure in terms of transactions. That said, we're expanding our heritage from banking, loyalty and card-linked commerce into these 3 connected markets. Together, they represent a GBP 40 billion addressable opportunity for Rezolve Reward. Retailers need a better customer understanding and demonstrable ROI. We're connecting these 3 areas under what we call our finance media network. This enables bank distribution, customer intelligence and merchant activation to be measured against actual spend. I said one of the key growth areas for our organization was consumer insights. And this is why we're doubling down on what we call Rezolve Insights. We've spoken about how we use data to drive activation to enable people to drive better advertising campaigns. We can also use our intelligence to drive better commercial decisions and this is really where we're doubling down as a growth driver. You can see here, we already have some strong foundations through partnerships with leading global data and insight players. This includes Experian, affinity solutions here in the U.S. and CACI as well as a number of consumer-facing brands, including Deliveroo, Nike, Asda and Domino's, all major brands who are using our insight. They're not just using this to activate, they're using this to make decisions around which customer segments they want to grow, which locations do they want to build, which categories do they want to focus on, how do they think about time of day in terms of how they service different customers, how do they think about potential strategic acquisitions I could go on. There's many, many use cases for our insights. Most importantly, this for us, creates a high-value, differentiated recurring revenue stream through what we call data as a service provision. Just going to spend a couple of minutes now and show you a short demo video. This is showing how our product is embedded within a banking app. We've kind of made it a generic example, but could go to any of our banking partners and be able to see how we embed in the banking app. As it goes through, I'll just kind of voice over a kind of few of the key features that we go, it's working. So the technology is embedded in the clients' banking app. It's a seamless customer experience. So the customer doesn't have to move between apps, so change browser or anything. It's API deployment within a matter of weeks and it delivers a modular or end-to-end loyalty capability. And what I mean by that is there's the opportunity to be a collection partner but also a burn partner as well. And we deliver hyperpersonalized rewards, both in terms of earn and burn opportunities. And as well as card-linked offers, you can see here there's an example within the marketplace. You can convert the cash back you've earned to a whole host of different leading partners based on your selections. This is where we measure the commercial outcome through actual transactions. Everything we do within the app is driven by AI and machine learning, strengthening segmentation, personalization and measurement. But don't just take it from me. I think the great thing about Rezolve Reward is we've got some fantastic banking partners, both old and new. I'm going to talk first to NatWest, which is one of our longest-standing banking customers. We've had a relationship with them for more than 10 years. And I think that shows the value that we deliver to the program. You can read the quote there from Lewis. I won't go through verbatim, but we combine transaction intelligence, digital engagement and relative retail content. And as you can imagine, the transition at NatWest, one of the U.K.'s traditional high street banks has been through digitization over the last 10 years. We've been delighted to kind of partner with them during that transformation. Mashreq is a new partner for the Rezolve Reward. For those of you who don't know, it's one of the leading fintechs within the UAE and we've operated and launched a new program with them through our global partner, Visa. So it's shown really how we can operate and replicate our model at a global scale and how we work with distribution partners such as Visa. Both connect real purchasing behavior and demonstrate enterprise durability, measurable outcomes and importantly, global scalability. I'm now going to hand over to Sauvik. We've heard how Rezolve Reward creates commercial value across banking and commerce. Sauvik's now going to take us through the underlying AI infrastructure that supports everything that you've heard so far this morning. Thank you very much.

Good morning. Good morning, everyone. My name is Sauvik Banerijee. I'm the Group CTO for Rezolve AI. Having built large tech businesses having led large technology organizations from SAP, Accenture Digital. And of course, having met down -- 2 decades back in our journey to building vendor. E-commerce and AI is something which has kind of become the DNA of my existence. Now imagine the world we are living in today. Some of us have built these e-commerce engines over the last few years. And you saw how unparallelly, we are chartering the territory. Agents are going to swarm across. You've heard Laurence, you've heard David, you've heard Michele. Now today, I'm going to talk about what's the core technology, which differentiates us. This is what actually is what you've been hearing from the morning, get chosen, the discovery part, get paid, the checkout part get loyalty. James just spoke about it. And the whole flywheel of data comes back, get chosen again. This is the commerce this is the future of purchase. What we are talking over here is that's the stack. But what runs that stack that runs what it runs the stack is brain power, which is our models, our voice orchestration, our agents, our agent orchestration. And of course, underneath is the ethics and compliance stack. And of course, we've got the whole database as a service, which is something very exciting, we are building on. We're going to talk about it in a few minutes. That's the technology backbone of what everyone has been explaining from the morning. I want you guys to take 10 seconds on this slide to understand these 3 layers actually runs the entire front-facing engagements and it's ready for a retailer to take on the swarm of the agents and accordingly. Let me just delve a little deep on brain power. I'm going to talk about the model part of brain power today, though the orchestration, the voice, the agent tick, entire engine is all brain power. In the day in October 2026, we keep hearing the world's large language models is where the transaction will happen. We keep hearing in accuracy. Now if I look at what you see over here is live commerce environment to imagine, it is expensive. The real-world problem is these purpose-built LLMs, which you guys use all the time is trying to guess. Now think about the jacket use case Michele was talking about. Machine has to know before it can sell. Now none of that has ever appeared on the Internet. This catalog, which is getting trained on brain power is trained on the catalog in itself. It is not trained on Internet words. Now when we build this, this didn't get built with the explosion of LLMs in the last 24 months. This got built over the last 10 years. And it got built on single industry category, 300 billion parameters, 30 billion parameters, 300 billion tokens. And more importantly, it's the results proprietary models. What we do with -- when we build it ourselves is we can't be the maker and checker. We have to then benchmark it against everything else what exists and that's the part where the catalog requires the insight. The model can rank, model can patent match, model can converse. Extraction of the attribute comes across. The mindset of the sentiment comes across pot. It still cannot do -- it cannot hallucinate, it cannot model drift because we are playing with retailers, brand, it cannot have an impact on the erosion. So let me tell you what we do and how we define that. This is the brain power resolves ethic score. We've got tracer. Now a common failure with AI agents is that it reports actions, but which never took place. Example, imagine an agent, agent is looking at a screen. It will go through the screen. It doesn't understand the order management. It doesn't understand a transaction. It might report an incorrect transaction, which never got placed. Now what traced does, it through logs, it rebuilds that journey and says that transaction happened and that transaction didn't happen. So you have a maker and a checker framework. Our [indiscernible], our model runs between 99.5% to 100% accuracy on these sort of logs. We check on the agent's journeys. It's important because you can build a model, but you need to check it, right, and then comes auditable AI. You've heard us talking about hallucination free and model drift, but we need that to benchmark it again. So what we did was the platform of auditable AI gives the outputs against other language model outputs. And that's extremely important for us to be neutrally judged from anybody who is commercially engaged with us. It gives the brands and the users a complete observability framework, a complete monitoring framework in what it intends to achieve. And AI behavior is something we are dealing with. It's human like, but it's not a human being. So we've got to be very, very careful in what we are deploying to these platforms across these -- across geographies. So we have -- we are very, very focused on what that does. Now we've been in the business for quite some time and something which we have built now has just taken off is any output of a catalog, image, video, audio of a PDP. We have a technology today, which actually does the verification, that's resolved prominence. Rezolve provenance is exactly what it is. It embeds invisible watermark on an image, on a video or an audio and a text. The future of PDP just got transformed. And more importantly, if I take it off-line, it can work on multiple form factors. So we are a very, very deep tech company, and this has been my Founder, Chairman and CEO's vision. This has been the vision of my Chief Scientist and Chief AI Officer, Dr. Salman Ahmed and some of these brilliant minds I get the pleasure and opportunity to work with. Now let me show you what's the most exciting part we are working towards. You heard Naga, you heard all our stacks on AI. Now imagine this, we grew up in a world of columnar and road-based databases. Then came the world of in-memory the Cassandra, the Hanes of the world. Today, which is the network, which is infinite scales in multi-wheel seconds is the blockchain. Imagine a catalog, 20 million catalog. Imagine a 100 million day of transaction like the festive days, we used to hear, and I used to grow up with database jokes, systems would be down. No. This is where the world is moving forward. The Brainpowers database as a service powers the future of catalog the future of e-commerce transactions, the future of concurrency on a user on a cart. We disclosed it in our annual report. Dan mentioned it, that we're going to make it commercial. It's almost there. We are going to now roll it out across. Across our stacks, which you saw is where we are championing a distributed database as a service. And we're always inventing -- we're always inventing. We're always pioneering. That's our DNA. Rezolve Labs is 1 of our research divisions. We've got our teams across the globe right from here in the U.S. across various places in Europe. It is there in South America. And of course, it's in Asia. I run the team in India, being the group CTO as well. And every day, working for Rezolve is building, inventing and what what my team calls all of us is problem-solving utopians. So that's the world we are building. Thank you for listening in. I'm going to hand it over to Elizabeth and that's Steve Perry and where we are going to have an engaging conversation. Over to you.

I am Elizabeth Lachhar. I am EVP of the Americas, so nice to me too. I am so excited to be here. I've started with Rezolve AI in January. I have had the pleasure of working in technology for 2 decades, please don't do the math. But I have had the opportunity to work in retail consumer goods and financial services across the world. I've worked with Microsoft, Google, Oracle and many others. But I am very honored to be here today with Steve Perry. Steve Perry has been had the opportunity of sitting here with us. But for 25 years, you worked with Visa years as an incredible role, Head of Strategy, Chief Financial Officer and COO, CEO and among many, the greatest successes have been 9% market share of debit payments in the U.K., we're spending debit cards were 3x credit cards incredible. He's also at the agreed terms with Apple Pay in Europe and leading the teams that rolled out [indiscernible], which is inert your credit card you want to -- is it a live mic. Okay, fabulous. And we're on. And also tap and pay, which here is called contactless. He's our non-exec Director of Rezolve AI and on our Board. So we're -- I'm just so honored you're here. Between us, we have close to 50 years in financial services and technology. Again, don't do the math. And in that time, we know that pay has changed, and it's been rebuilt. Again, contactless, tap and pay, which they say in the U.K. and digital wallet, which now includes our face absolutely been astounding what's happening. This has changed how hundreds of millions of people behave at checkout. But the 1 thing that we know that hasn't changed is a card abandonment, 7 of 10 shoppers walk away from their cart. In the next 15 minutes, we're going to walk through why that is, what's broken and how we can do the shift. Steve, you have spent 25 years selling payment capabilities to retailers. What has changed over that time? And what are merchants looking at today?

That's a great question, Elizabeth. Everybody hear me okay? Those 25 years really take me back to the birth of e-commerce. And in that time, I have seen all sorts of friction -- layers of friction layered in the payment value chain. Those layers of friction have nevertheless left e-commerce growing at a fantastic rate. But what I'd like to reflect on is the extent to which it could have grown at a much accelerated rate had those layers of friction not being there. I guess at the time, as 1 of the leaders in the industry at least across Europe, as a degree of capability for the actions that we put in place. But at the time, they seemed right. So what we've got are layers of friction, but a developing e-commerce economy. What do merchants want? Well, they want that improved? What they actually want to see initially is an improvement in card abandonment, resales, obviously. The second thing they're looking for is integrated rewards and loyalty, not the kind of network that I created many years ago. And finally, what they need is control, control of the network, control of the system, and they need to be in a place whereby they own the customer relationship. And of course, it's to be profitable. That's I think what [indiscernible] are looking for, given the development of e-commerce through the 3 phases that we saw down presented at the very beginning.

No, I love that. I think can we break it down a little bit more. That north star that the retailers have always been working on is reducing that cart abandonment. And we know that's still at 70%. So it's barely moved really. What is it about checkout process that's really broken today?

This is beginning to feel a little bit like therapy, where I reflect on some of the potential miseries that I'm now owning up to that at the times seem to be the right things to do. So 1 of the first misdemeanors well as along with the rest of the industry and bankers to think about e-commerce as potentially the wild west of payments. And if we weren't careful, we were going to hemorrhage fraud across the board. So it became a fantastic adventure in fraud management, and that's how we approached it. At the 1 extreme, 0 transactions means 0 fraud. I understand that we weren't that naive. We were after growth and were after transactions. But the endeavor to ensure that we kept fraud out of the system, which we did rather well meant that we put layers of friction at every point, not least of which, back in the day, yes, I'm that old, and you made me feel very old today compared to how I felt first in this morning. The layers we put in about input in card numbers, addresses, CVV and all those wonderful things created friction, and that was the first problem. The second problem was the level of friction that retailers put in our way, they understandably created websites, e-commerce sites as if they were catalogs as if it was their department store. Now I showed you a picture of my little puppy today, and I can go online and I can buy a color for my puppy, it's really straightforward. I didn't show you a picture of a very old classic car that I've got that has no capability of Bluetooth or WiFi. But I want to play my Apple music in it. I need a cable. That kind of search is impossible. It's a layer of friction that means I don't do it. I actually ask somebody else to do it for me, which is sort of where we're going. So as part of my therapy, I see the need to actually remove those areas of friction.

That's a good point when you talk about friction. And when we look at the generations today, we know Generation Alpha are those kiddos that were born in 2010. Right now, that's 5 trillion in buyer opportunity in the next by 2029. And when you talk about them not having the patients for friction, that is true. They want instead of 7 clicks to close, they want one. So time is now really to be frictionless and to really close and to really work on that card abandonment. Now when we look at loyalty and the programs and how they encourage customers to return, can an improved payment experience really complement this effort? What are your thoughts on that, Steve?

Once again, the therapy is really helpful because having dealt with the concept of fraud as being one of the overarching drivers of payments in e-commerce that I was trying to address 20-odd years ago, having felt that we dealt with it, having left the retailer to design their own websites and search engines within that. We then turned our attention to loyalty and rewards. And what we did was to take a leaf out of the book of the merchants and retailers. How did they do it? They gave consumers once they fill the form in and send it off by post a piece of plastic that they would take out at the till in order to enjoy their loyalty points. All of which was fine, whilst there were 2 or 3 merchants. As that ballooned, and I remember my mother, who is about a foot shorter than me, would flick out her wallet with all those pieces of plastic, and she would enjoy loyalty at every point of sale. We try to do that in e-commerce. And therefore, we layered a piece of friction that was problematic and had no links between that and the payment transaction process layer. So again, we created a solution but created friction. And we told them poor old merchants, you take it or build your own.

No, that's a good point. And I think going back to what Michele said about loyalty as well is a one-stop and having those merchants really understand who's in front of them and how that works.

Indeed. But I think part of this whole -- and you all enjoy this process of being -- it's cathartic, this process of thinking about what might have gone wrong. You're in this positive space of putting things right. The third aspect of what I talked about beyond the reward piece and beyond the payment piece and the search engine is, of course, control. And retailers need and want to be in control of the process whilst remaining profitable. What can you say about that?

Yes, that's right. And I actually think Naga landed that really well. I say retail needs to own payments. And what does that look like now? I mean, they don't have control. And having that hardware and that maintenance and the people overlay, I mean that's heavy lifting and upgrading all the time. when it doesn't have to be that hard. In fact, the answer is a platform that gives them control and part of that entire journey process. And it can be as easy as just turning it on. So I think there's another way to look at it, and I'm excited to share -- we're excited to share more about what that looks like.

And that excitement comes from another step back into history in the early 2000s, the invention and introduction of PayPal. If you think of what they did was essentially put an account on file, take my payment credentials, hold on to them safely, which meant that when I could shop, I would simply dip into that and take a layer of the friction app. That was very clever. That dealt with a piece of friction. It didn't deal with anything else in terms of rewards, in terms of control, but it did take a layer of friction out and e-commerce took a positive spike upwards, albeit for PayPal at a significant premium, way above the 2% to 3% that we've already had demonstrated as typical car charges today. But it does show that new technologies the elimination of friction leads to increased sales. And that's what the retailers were happy to pay for.

Absolutely. Retailers absolutely want more increased sales. I love that. And so far, we've talked about the retailers themselves, but we know the consumers are really important on this journey to and how they pay. And how do you actually get millions of people to do that, Steve. How do you share a bit of that with us?

Well, again, I'll go back in history, if I may, because that's where I spent most of my time, it would appear. The concept of chip and PIN. Putting a chip on a payment card and then going to the point of sale and instead of signing and entering my 4-digit pin to authorize authenticate myself, excuse me, was what we imported into Europe from Asia in the early 200s. And in 2004, as the -- I'll give you the example of the U.K., as the market leader heading off towards that 99% market share in debit. I took a decision to think about creating chip and pin for the U.K. market but in parallel with MasterCard and American Express, you've got to move the market in 1 go is what we thought. So that meant conversations with Mastercard, American Express, terminal manufacturers, the biggest retailers, the underground system, buses, oh, and I mustn't forget the retailers and the retailer associations as we often did and 30 to 40 different banking institutions issuing those cards. It was estimated, it costs GBP 3 billion to move the U.K. market to chip and pin in 2004 prices, multiply that across all of the markets, but we've got the consumer on the journey. We don't face that issue now. First of all, we're not talking about a terminal infrastructure. We're talking about everything in digital. We're also talking about retailers who will go on the journey at their own pace. But I would worry about those that delayed because the early mover, first mover advantage is where this will deliver economic rent to the retailers. So it's a very different environment, very different to what we saw historically, but I think it's absolutely achievable. And the best thing of all that I've heard is that a consumer need only enter reward pay once and then they are mobile throughout e-commerce.

Absolutely. And if we put it all together, Steve, if we move ourselves to the future, what does it look like?

I'm feeling cathartic, which is the first thing, which is wonderful. The second thing is I see e-commerce as being as simple as breathing by which I mean none of us today think of their breath. I've had a little bit of a cough at the back, and I've been thinking a little bit about my breadth, but fundamentally, you never think about your breath. The future of e-commerce for me is I never think in the future about the payment because it's going to happen. I never think about am I going to get the reward because it's going to happen. All I think about is navigating the search engine that gets me the blue suit for Tuscany for the wedding. That's the only thing on my mind. It's the transaction. It's the enjoyment, it's the digital good that I'm buying. The rest of it is my breath. I'll only ever think about it as breadth if I'm sitting here today on this stage and I get a text that says, "thank you for buying a surfboard on [indiscernible] Beach and then I might have a sharp intake of breath." But fundamentally, that's what the future looks like. When my friends, my family and I -- just think of e-commerce as breathing.

I love that. And obviously, the retailers owning payments and the consumers having 1 click and done. So I think the combo is fantastic and here now to stay absolutely. Thank you so much, Steve. It's been quite an honor. We want to thank all of you in the audience and those of you online, we really appreciate you spending time with us. We're going to come back. We're going to take a short break. So we welcome you to join me to welcome some refreshments, to have some refreshments. We have some live demos outside. So please feel free to enjoy that experience. We'll be back at 11:45 to continue. So thank you, everybody. Thank you, Steve. [Break]

Welcome back to Rezolve's Investor Day. [Operator Instructions] And I'd like to introduce and welcome to the stage [indiscernible] Go, our group SVP customer and partners and 2 valued Rezolve Partners, Kimberly McKinley from Microsoft and Saurabh Atri from TCS.

All right. Very -- all right. Welcome back. Good morning, still morning, so maybe a little bit after morning. Well, thank you again for the time and coming back and joining us. A quick introduction to myself, as Ermi mentioned, SVP of Customers and Partners, which means I have the privilege of serving and supporting the 1,000-plus customers that Rezolve AI currently supports, but it also means that I get to work with the amazing partners like Microsoft and TCS and building out our partner ecosystem and allowing us to scale through partners. And so this includes our cloud hyperscaler partnerships, our consultancies and GSI partnerships, our ISVs and payment provider partnerships in a that umbrella. So very excited today to have 2 of our amazing partners. First, we have Kimberly from Microsoft, Senior Director of Microsoft's Frontier Company. She works with the Microsoft more strategic Fortune 500 customers, advising them on AI-led transformation and then we have Saurabh, who leads TCS' retail and consumer goods East region. And then formally, I believe you led the go-to-market team for TCS as well. So super happy to have you both here today. So we got some -- over the next 15 minutes. We got some hard-hitting questions where we're going to grow them a little bit in terms of how they're working with Rezolve. And I think it's really great to have Kimberly from Microsoft and Saurabh from TCS because it's actually 2 different dimensions of kind of the technology landscape. On one side, you have Microsoft who see some of the most exciting frontier capabilities and technologies and how that fits into the market today and what are the trends we're seeing. On the other side, you have Saurabh from TCS who is looking at how do we actually get these technologies live in the hands of our customers and actually creating value. And so I think across those 2 dimensions, those 2 lenses, you really get a great sense of, number one, how is Rezolve positioned in the eyes of our partners. But then how do we actually exist and land in our customers' technology ecosystem as well? So Kimberly, I'm going to start with you. Almost daily, we are seeing new innovations in AI, like literally every day, new models, new protocols, new consumer AIs that are coming out and the hot topic, the hot topic today, of course, is agentic commerce and -- which, again, have kind of shifted and disrupted how brands and merchants are about the technology and how they respond to that. Some of them are moving quickly. Some of them are a bit of deer in the headlights. How do you see the commerce industry preparing for the agentic world?

Sure. Everybody hear? No. No yes, yes. Okay. Sure. So it is a very exciting time. The technology is changing daily, including what I get to use at work. It's challenging just to keep up with everything. When I think about commerce and particularly the agentic piece of it, commerce is really everywhere. So we talk about retailers and brands, but think about anything where you transact any business from a bank or the drugstore, anything like that. And so when I talk to my customers about it and I see what their -- how they're preparing, it's really 3 ways. Okay. So the first thing is you really kind of have to look yourself in the mirror and say, "Is this a journey that my customer is realistically ready to go on? And how do I know that? The second thing that everyone needs to do is get your data ready. And then the third is build that semantic layer. So we're going to see some folks move faster in this space. If you're a true luxury brand, shopping with an agent is maybe not the first way that your customer wants to interact with you. Something where you can save time and really cut out a lot of that friction that we heard about in the last session. Those are really the more ready cases. But either way, everyone needs to get their data ready. So what does that mean? It means thinking about we've got all of this data now, but what does it mean? How can you connect to that customer journey with your data. It doesn't just mean unifying it. It means really thinking about your brand machine-ready attributes for your products, all your rich brand history, bringing that together. And then the third is the orchestration in that semantic layer. So again, this isn't just unifying the data. It's how can you take everything that you've just readied with all of your brand history, [indiscernible] your product attributes, tie it to pricing, promotion, fulfillment and then move it along that seamless customer journey that's ready for agentic commerce.

I love that. Thank you. Second question, Microsoft is an absolute titan in the tech industry, literally for decades now. In the last 3 months, I think it added about $1 trillion in market value. Very glad I kept my Microsoft stocks. And it's cloud and AI technologies, how are the majority of Fortune 500 companies. You guys have the engineering, the development, the go-to-market resources really go into any market, any industry vertical that you really wanted to. So I guess my question is, why partner with Rezolve AI? Why is this partnership valuable to you? And how do we complement the conversations you're having with the customers and our joint one market strategy.

Sure. Absolutely. So sort of to the point you already made, it's really we complement one another. And that's why we -- together, we have this great go-to-market. So like you said, Microsoft brings the platform, the cloud and the AI. And so we're an LLM agnostic platform and we also have foundry as well. So developers at our mutual customers can build on foundry with -- alongside of us. But what Rezolve AI is bringing is that commerce specialization. And so when we bring that in and especially now, I love what I've seen so far today is really telling that end-to-end story of commerce, and I saw my entire retail life flash before me in the last time when I was thinking about how far we've come since the early 2000s when I started my career as a merchant. But it's really kind of the commerce specialization plus that enterprise level, governed infrastructure, cloud and AI that we can do together.

I love that. And I think 1 of the common things that, for me, coming from Microsoft and now joining Rezolve is that the common theme around trust, right?

Yes.

And that is so critical and so key. I mean, I think the cliche is that no CIO gets fired for buying Microsoft, right, or hiring Microsoft? And I think that comment focus around building the trust layer, the ethics, the government, the transparency, the auditability, especially in the AI world is so, so important. And I think this is 1 of the things why we're so excited about the partnership is because we are both so grounded on that common theme of trust.

Absolutely.

Yes. Saurabh, I'm going to switch over to you. obviously, getting the technology right is 1 thing. It's often harder to actually get into the hands of enterprise. And I would argue it's even harder to actually capture value from that right? I think everybody's kind of seen that statistic, that McKinsey statistic of 70% of digital transformations fail, I think, is even higher now with AI transformation. So for you, someone like you has obviously seen a lot of these transformation and probably be involved yourself. What are some of the pitfalls that you see on a dated basis? And have you overcome them through the way that you deliver these type of projects?

Thanks. So technology comes second to the point of sounding contrarian. When we see a successful projects, what differentiates them is they are not seen as technology products. They are seen as business projects. I'll give an example on searchability and the conversion. We were working with a leading furniture and home improvement customer. And we were talking about how can we increase supply chain conversion, how can we increase -- how can we decrease the customer bounces and all that stuff. But when we were talking to the CEO, he said, "Look, what I want is the conversion ratio, which today is at 1.1. I want it to go at 1.7 in the next 6 months." When we are working with the business KPI as the North Star, I think everything else comes together. This is the single most understated learning that we have seen. So have the business KPI first. What is it that the customer wants? And then start with the technology as step #2. So this is pretty much what we have learned in our experience when we are working with the customers. I also wanted to touch point on the conversion angle, today. A simple example. When I was searching for a gift for my 7-year-old around 2 days back. So it's just a big fan of Peppa. And I was looking specifically at what kind of ceramic utensils, I can buy on Peppa and not to disappoint my 17-month-old son on [indiscernible] George big. And goodness me, when I'm searching at all the leading retailers. The search results are not what the consumer wants. And I think that is where Rezolve fits very uniquely in solving that specific problem for the consumer.

I love that. And I think it's -- I think you said it really well in terms of not starting with technology, but really starting with the use case, the problem we're trying to solve, what is the measure of success and then kind of work backwards from that. And I think we often talk about it, but actually putting into practice is often a lot harder it seems, getting in front of the right stakeholders, making sure that there's alignment and agreement across the stakeholders so that we're actually delivering business value, and we're actually measuring the right names once the technology gets implemented so 100% agree. Second question for you. Rezolve AI's agentic commerce solutions are now installed in several TCS' paceport innovation centers, which means that TCS advisers and consultants are now using these solutions to essentially inspire customers that come to these passport offices and show them how these technologies can transform business and create business value. Obviously, there's a lot of AI solutions out there, right? There's -- and there's a lot of companies that claim and say they do a lot of things probably similar to us. And so I guess for TCS, we've had a big press release recently. But what made Rezolve AI something TCS was comfortable in showcasing to customers because you guys are trusted advisers to your customers. And why you guys chose it as kind of a frontier AI solution to actually put into your [indiscernible] innovation centers. And sorry, I know there's a lot of questions I am throwing at you. But any current feedback or responses from the customers on these types of solutions?

So I would like to start with the initial part of the question on why did TCS chose Rezolve to be showcased at the baseboard hubs. So for the audience, baseboard hubs, think of it like the innovation hubs wherein we court with our customers, some of the solutions together because each customer is kind of at least that's what they will tell you, but we also believe that -- now there are 3 things with Rezolve specifically that came out. Number one was like Kim alluded to earlier, without data, a lot of the AI projects are having a big risk. So Rezolve works not only with the customer data, but also it has a retail-specific algorithms to solve some of the commerce and agentic commerce issues that the consumers are looking to solve. So the specificity of retail and also the ability to work with the consumer retail specific data. The second thing is traceability. There are a lot of questions today, which are coming in from the customers around, I want to know how did the agent make that decision? How can I trace it back. I think that's all against that. And the third thing is the plug and play. Rezolve is not there -- and this is also a concern from the consumer. Is this tool going to replace my tech stack. So Rezolve is not a rip-and-replace, kind of, technology. It sits on the ecosystem that the customer may have. the tech stack that they have and works on the investments that are already in there. So I think these are the 3 things that we found, which are interesting for Rezolve. And to your other question on what are we seeing from the customer side? There is a lot of work which is happening today. I think it all depends on the maturity of the customer, where are they with data today? Where are they with their technology stack today? What we are seeing is a common threat is a lot of customers are building their own AI COEs. I think this is something that we are seeing. And as part of the and also the agent work that Kim mentioned earlier, we are seeing a big interest in that whole conversion aspect, that discoverability aspect how do I improve the discoverability and conversion of the consumers coming in the website. And this is where we are seeing interest in Rezolve. Instead of searching, give me Peapack merchandise, the ability to interact with the agent and understand what consumer is really looking for and giving those specific recommendations and not just recommendations, but completing the whole transaction loop with payment and everything. I think this is what our customers are finding interesting with Rezolve and some of them are also looking to drive pilots and point of values.

Got it. I mean if I can almost summarize some of that. I mean, some of the things I heard is, I think the specificity, right, the focus around retail, around commerce, and how we've had that laser focus around solving problems in this specific vertical in the space is obviously very important. I think you both mentioned that. Again, Saurabh, you mentioned around having the traceability of the governance which ultimately goes down to what we're talking about earlier around trust, right? And how do we make sure that companies now, especially now where there's AI proliferation is so common that my IP, my customers, my data is not getting lost or is being leveraged for someone else's business outcomes or business goals. And of course, being very clear in terms of what the problems and what the business you want to solve. So I appreciate you guys kind of highlighting some of those key themes. So thank you. Now to close, I'm going to ask a question to both of you. And because we're doing a lot together with Microsoft, we've -- just even the last year that I've been in this role, we've launched our porterage models on foundry. We've done joint go-to marketing events like Shoptalk and NRF. We've worked on customers together. But clearly, I am very excited. But what are you can believe, most excited about the partnership and kind of what's ahead for us.

Sure. That's an easy one. So I think along with everything that we talked about, really, the -- there is a lot of interest. Most retailers and brands know that we've sort of created. I'm going to call -- it's sort of like a shopping nightmare, right? Like on e-comm now, it's just sort, filter, all of this, and the consumer is really ready for goal-based shopping. I have -- I think Keith said it earlier, I have a wedding in Tuscany, what should I wear? And what I'm really excited about is that we've -- we're seeing the customer interest in the market and that Rezolve has the -- that brings that commerce specialization and can bring it to our platform so that we can go to market together and really come and have meaningful conversations and implementations ultimately with these enterprises that really do desperately need to reinvent their online shopping experience.