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00 — Executive Summary

Executive Summary — Bilko HR Competitive Intelligence

Research Date: 2026-05-10
Source: Multi-agent competitive research session (Finverge/Markos Zachariadis, Vizu/Brad Frost, John orchestrator)
MC Tasks: #100274 (banking), #100279 (UX/GTM), #100272 (market map)

Key Findings

1. Direct SMB Competitor = Minimax HR (#1 Threat)

  • Company: Saop (Slovenia), regional cloud accounting leader
  • Coverage: FISK 2.0 compliant, modern UX, full accounting + e-invoice
  • Bilko positioning: "Fiken simplicity vs Minimax breadth" — focus on SMB onboarding speed, not feature count

2. MojaFirma.hr Reframe — NOT a Direct Competitor

Critical correction: MojaFirma is NOT an accounting/e-invoice platform.

  • What it is: HR operational tool (evidencija rada NN 55/2024, putni nalozi, kilometraža)
  • Paušal-obrt module: PO-SD tax form only, NOT full accounting. Landing page URL returns 404 (not publicly sold)
  • Verified via: Live recon 2026-05-10, Brad Frost agent fetch
  • Bilko competition angle: E-invoice/FISK 2.0 gap, not UX quality

"MojaFirma vas pita za evidenciju. Bilko vas pita za biznis." — Proposed GTM hook

3. Mer (ex Moj-eRačun) / Visma Group — Strategic Infra Giant

  • Scale: 75K HR senders, 1400 accounting bureaus, 600 ERP integrations, 5M e-invoices/month
  • Parent: Visma Group (same as Fiken)
  • Triple role: Competitor, potential IS posrednik partner, potential acquirer
  • Strategy: Do NOT open Visma BD until Bilko HR has demo MVP + branding distinct from Fiken (no leverage otherwise)

4. PBZ Banking Partnership Frame

  • Contact: Tomislav Premuz (MC #8608 active, warm lead)
  • Value prop: Fee income + deposit retention (Intesa Sanpaolo group KPI), NOT technology pitch
  • Model: FreeAgent + NatWest embedded banking analogy
  • Revenue path: Co-marketing → referral → bundled €3-8/SMB/mo (€300-800K ARR @ 10K accounts)
  • AISP status: Tok AISP registration with HNB already DONE (MC #1934 closed 2026-03-03). PBZ sandbox apiportal.pbz.hr accessible immediately.

5. Bilko HR Brand Tokens (Brad Frost recommendation)

  • Primary: #1B4F72 deep navy (authority, not startup blue)
  • Accent: #E8A838 warm gold (HR kuna heritage, trust)
  • Fonts: DM Serif Display (headings) + DM Sans (body) — differentiates from commodity Inter+Lexend
  • Purpose: "Premium vs MojaFirma" without pretension; HR SMB kupac is pragmatic

HR Market Landscape (13 Vendors Ranked)

Rank Vendor Country Threat Level Notes
1 Minimax HR (Saop) SI HIGH Regional leader, FISK 2.0, modern UX
2 e-Računi SI MEDIUM Multi-country but dated UI
3 Pantheon (Datalab) SI MEDIUM Enterprise lane, potential feeder partner
4 Arges ERP HR MEDIUM Entry-tier €3.85/mo, FISK shipping
5 Mer (Visma) HR STRATEGIC 75K senders, IS posrednik, parent = Fiken owner
6 MojaFirma.hr HR LOW HR tool only, no accounting/e-invoice
7-13 Synesis, IN2, Omnizon, Eurofaktura, FINA, HT, Hitra Various LOW Secondary or IS posrednik infrastructure only

Banking Partnership Shortlist (6 Banks)

Rank Bank Parent SMB Share Status
1 PBZ Intesa Sanpaolo 28-32% Warm (Premuz contact MC #8608)
2 Erste Erste Group 12-15% Cold, parallel track mandatory W5-6
3 Zaba UniCredit 25-28% Cold, group constraint risk
4 RBA Raiffeisen 8-10% Uncertain (RBI CSEE divestment)
5 OTP OTP Group (HU) 6-8% Backup post-W12
6 HPB State-owned 4-6% Lowest (state procurement)

CEO Decision Items (5 Outstanding)

  1. PBZ Premuz reschedule — Frame: fee income + deposit retention, FreeAgent+NatWest model
  2. Parallel bank tracks — Recommended: open Erste + Zaba by W5-W6 regardless of PBZ status
  3. IS posrednik path — MC #100273: build own vs Mer integration vs FINA fallback
  4. Visma BD timing — Recommended: HOLD until Bilko HR has demo MVP + distinct branding (no leverage otherwise)
  5. GTM sign-off — "Switch from MojaFirma" landing page + Bilko HR brand tokens (navy+gold, DM fonts)

Supporting Dossiers (This Book)

  • Page 01: HR Market Map (full 13-vendor table, Mer/Visma detail, IS posrednik landscape)
  • Page 02: PBZ Banking Dossier (Markos Zachariadis, 6-bank shortlist, 12-week sequencing, AISP structure)
  • Page 03: MojaFirma UX Teardown + Switch GTM (Brad Frost, design tokens, comparison table, landing page concept)

Research completed 2026-05-10 | Orchestrated by John (ALAI AI Director) | Specialist agents: Markos Zachariadis (Finverge), Brad Frost (Vizu)

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