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:
#1B4F72deep navy (authority, not startup blue) - Accent:
#E8A838warm 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)
- PBZ Premuz reschedule — Frame: fee income + deposit retention, FreeAgent+NatWest model
- Parallel bank tracks — Recommended: open Erste + Zaba by W5-W6 regardless of PBZ status
- IS posrednik path — MC #100273: build own vs Mer integration vs FINA fallback
- Visma BD timing — Recommended: HOLD until Bilko HR has demo MVP + distinct branding (no leverage otherwise)
- 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)