# 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)

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## 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

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## HR Market Landscape (13 Vendors Ranked)

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

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## Banking Partnership Shortlist (6 Banks)

<table id="bkmrk-rank-bank-parent-smb"><thead><tr><th>Rank</th><th>Bank</th><th>Parent</th><th>SMB Share</th><th>Status</th></tr></thead><tbody><tr><td>1</td><td>PBZ</td><td>Intesa Sanpaolo</td><td>28-32%</td><td>Warm (Premuz contact MC #8608)</td></tr><tr><td>2</td><td>Erste</td><td>Erste Group</td><td>12-15%</td><td>Cold, parallel track mandatory W5-6</td></tr><tr><td>3</td><td>Zaba</td><td>UniCredit</td><td>25-28%</td><td>Cold, group constraint risk</td></tr><tr><td>4</td><td>RBA</td><td>Raiffeisen</td><td>8-10%</td><td>Uncertain (RBI CSEE divestment)</td></tr><tr><td>5</td><td>OTP</td><td>OTP Group (HU)</td><td>6-8%</td><td>Backup post-W12</td></tr><tr><td>6</td><td>HPB</td><td>State-owned</td><td>4-6%</td><td>Lowest (state procurement)</td></tr></tbody></table>

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## 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)

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## 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)

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