The article is adapted from the original content published by the newspaper Večernji list and translated from Croatian into English.
How Raiffeisen Bank, by recognizing BOSQAR's potential in its early business development stages, became one of the group's key partners on its journey from entrepreneurial vision to a global player.
Business success in the 21st century is often written through the lens of innovation and technological progress. Yet behind many successfully realized ideas lie key partnerships that turn vision into real growth. One such inspiring story is based on the successful cooperation between Raiffeisen Bank and the Croatian company BOSQAR d.d., which demonstrates how strategic thinking about digitalization can become the foundation of transformation and strong business growth.
Raiffeisen Bank has long positioned itself as a leader in digital banking, recognizing that success in the 21st century depends on rapid adaptation and investment in cutting-edge technologies. This progressive approach is evident not only in the development of its own solutions but also in its willingness to support entrepreneurial visionaries. Its partnership with BOSQAR INVEST group, which has since grown into a global player, is a perfect example of that strategy.
From Recognizing Potential to Successful Cooperation
Ante Odak, Raiffeisen Management Board member for Corporate Clients, Structured Finance, Capital Markets, and Investment Banking, explained how the beginnings of the partnership go back to the time when BOSQAR was just launching its Mplus business vertical. Raiffeisen Bank was among the first to recognize the potential of this initiative and provided financial support, which enabled BOSQAR to grow and transform.
"Raiffeisen Bank recognized BOSQAR's potential and supported the company in its early stages. As a bank with over 30 years on the Croatian market, we build long-term relationships with clients who strive for stability and sustainable growth. Our role is not only to provide financial services but to understand the specific needs of entrepreneurs we work with. Responsible banking means providing clients with stability at various stages of their business. We support them in achieving business goals, strengthening competitiveness, and market positioning, thereby together contributing to the development of the domestic economy."
BOSQAR stands out because its innovative approach has developed a model that successfully fills underserved market segments, positioning it as a leader in areas such as BPTO, HR, and Food. The company has executed successful acquisitions in Croatia and abroad while achieving organic growth through the integration of services and the creation of holistic solutions for clients. Raiffeisen's regional presence further enables cross-market cooperation, which is an additional advantage for building a multi-level partnership.
Digital Innovation as the Basis for Growth
"BOSQAR's growth story perfectly illustrates how RBA's focus on digitalization and advanced technologies enables companies to thrive in the modern business environment," Odak highlighted.
Guided by a strong digital imperative, Raiffeisen has made significant technological strides in recent years to follow its clients on their growth journeys. The bank adopted agile processes to create modern, digital, and sustainable products and services, while also introducing artificial intelligence, open-source technologies, and cloud platforms. This positioned Raiffeisen as one of the leading digital banks in the market.
Commitment to ESG and Sustainability
Odak also emphasized RBA's dedication to ESG principles.
"In the last three years, our corporate ESG portfolio has grown by more than 60%. We focus on creating financial products that help clients transition to sustainable business models. Our ambition is to be the first-choice bank for clients who want to align their current and future activities with sustainability principles."
In 2022, Raiffeisen issued its own sustainable bond, further reinforcing this commitment.
Supporting Strategic Acquisitions
When BOSQAR acquired Mlinar Group, Raiffeisen played a key role in a syndicated EUR 100 million transaction aimed at refinancing debt and ensuring sustainable growth.
"We served as arranger, co-underwriter, and long-term creditor. Our cross-border expertise, knowledge of multiple regulatory environments, and efficient decision-making make us a valuable partner in such projects," Odak said.
BOSQAR's Perspective on the Partnership
Darko Horvat, President of the Management Board at BOSQAR d.d., reflected on the early stages of the collaboration.
"As with any early-stage company, we needed support in the form of capital, trust, and the belief that we could achieve great things. Raiffeisen was one of the first banks to recognize our vision and business model. Their support in financing working capital gave us the boost for accelerated organic growth of our Mplus vertical."
Horvat noted that today, after more than 80 successful acquisitions and EUR 372 million in 2024 revenues, BOSQAR continues to deliver strong organic growth, validating that early vision.
He also emphasized the importance of Raiffeisen's role in BOSQAR's sustainability-linked bonds (SLBs) issued in 2022 and 2025.
Looking Forward
"This partnership shows how early financial support combined with shared commitment to digitalization, innovation, and ESG principles can create long-term value. Raiffeisen invested time and effort to understand our model and was willing to support us when we were relatively unknown. Thanks to that, BOSQAR INVEST today has over 16,000 employees, operations in 23 countries, and in-house technology solutions that rank among the best developed in Croatia," Horvat concluded.