Karim Temsamani: No, I think it’s very clearly a longer-term evolution. And I would say we have been signaling this for a very long period of time. From the first call since I joined 18 months ago, we basically said that it was really important for us to drive further engagement in the program, that engagements rates were low, and that driving engagement is positive for our bank partners, that it’s much more aligned with what they want, much more aligned with providing consumers with the benefits they should have for the program. It’s better aligned with driving additional budget for advertisers. What needs to come with it is us continuing to negotiate rev share agreements with our banking partners to ensure that the gains that they’re getting from people consuming more and therefore spending more on their cards is a net benefit for us as well.
So I think longer-term, you would see that as we continue to grow billings, we’re going to, hopefully, continue to drive a lot more redemptions, but we should keep more in adjusted contributions. So you’re going to see some differences in the economics for the business as a whole, but we think that we can manage that in a very healthy manner going forward.
Jason Kreyer: Okay, thanks for taking the questions.
Operator: Thank you. One moment for our next question. Our next question comes from Jacob Stephan at Lake Street Capital Markets.
Jacob Stephan: Hi, guys, thanks for taking my question. Maybe, Karim, if you could just kind of help us think about where you’re investing in kind of the agency side of the business? Is that directly related to headcount or maybe just kind of help us think about some of those investments?
Karim Temsamani: Yes, as Alexis mentioned in the call — and thanks Jacob for the question. As Alexis mentioned in the call earlier, there’s several areas in which we investing in the business. As I mentioned as well in my remarks, we are investing in our tech and product just to ensure that we continue to innovate and providing the right products to our banks and to our advertisers. But what we have also identified are the several areas, in terms of our sales teams in which we needed to reinvest. We talked about in the last quarter about our investment in the restaurant and retail sectors. And at present, we continue to invest in our account management team so that we can service our clients better but also service more customers.
And one area which we had not invested for a while was agency team. And we think that agencies can be a big driver for growth for us in future where we can get many more accounts. So it’s mostly a headcount investment here that you’re talking about. But we definitely want to be able to gain more budgets via ad agencies in the future.
Jacob Stephan: Okay, that’s helpful, and then maybe just kind of talk about the self-serve platform. How far along are we in kind of the development of that platform? Is that ready to go, or is there still some work to be done there?
Karim Temsamani: Can you be more specific? Are you talking about what we mentioned last quarter, which was an automated dashboard, or some of the longer-term plans for self-serve platform for advertisers to book?
Jacob Stephan: Yes, just looking more at the longer-term kind of tech enablement and the self-serve side, which caters more to the agency.
Karim Temsamani: Yes, so, I mean, I’ll cover both just in case. On the first one, the automated dashboard side, which I think is really important to surface insights to our customers, which will be also very important for agency customers. Well, we’ll essentially have about 10% of our customers having access to automated insights by the end of Q2, and we plan a full rollout by the end of the year. Self-serve overall with regards to the ability to book budgets without intervention for our team, will take longer. That’s part of the reason why we’re also investing in account management because this is obviously on our roadmap longer term, but it’s probably not something that we’ll get to this year.
Jacob Stephan: Okay, got it. Maybe just switching over to Bridg, the last quarter, I think we talked about a large new restaurant customer joining the platform. It sounds like you might add some customer churn, but, what can we kind of expect as a growth rate here in 2024?
Karim Temsamani: So, just to be clear, the large restaurant customer we mentioned last time was on Cardlytics, not with regards to Bridg. With regards to Bridg, obviously, we are reinvesting in the product. We feel very confident that we have a long-term asset in Bridg. However, we have to rebuild a lot of the technology that was there from a Bridg perspective. And importantly, as we’ve discussed over the last several quarters, we’re investing in Rippl, which is our retail media network as well to provide not only the ability to get the insights that customers want but also have the ability to target customers across the broader landscape. And so we’re making the investments now. I don’t want to give you growth rates with regards to Rippl, as we don’t report specifically on this, we don’t give guidance specifically on these.
But again, we’re very confident that we’re playing in a very large market there, an area that’s really expanding, that we have the right foundational elements with regards to the engineering infrastructure. We have to go to market resourcing now. We’ve onboarded a number of regional grosses that give us line of sight to 100 million profiles by the end of the year. And therefore that we have the scale to drive significant growth. But I won’t give a specific number on the growth rates we expect.
Jacob Stephan: Okay, understood. Thanks, guys.
Operator: Thank you. I’m showing no further questions at this time. I would now like to turn it back to Karim for closing remarks.
Karim Temsamani: Thank you very much. And thank you, everyone, for joining us today. We look forward to discussing our second-quarter results on the next earnings call.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
