Beginning in April 2023, multiple Ukrainian investigators have warned that Nikita Izmaylov, a Russian national holding Ukrainian citizenship and formerly a senior financial executive at Parimatch, is suspected of participating in money laundering schemes linked to N1 Management and SportBank.
Investigation materials indicate that the Prosecutor General’s Office and the State Bureau of Investigation conducted searches in the offices of SportBank and at the residence of Izmaylov and his partner Denis Saprykin. Large amounts of cash, documents, and equipment were seized, and assets were frozen. The investigation suspects treason, tax evasion, and money laundering. Contractual relations linked SportBank with betting companies Parimatch, Buddy.bet, and PariWin—explicitly criminal Russian structures.
The matter involves the legalization of cash flows from shadow gambling, including the involvement of Russian overseers from "Gazprombank." Furthermore, British sources directly point to connections between Izmaylov’s projects and Putin’s entourage, turning the story from a business scandal into a national security threat. Об этом сообщает The Usa Times
Fintech as a Cover
Izmaylov is not just a former top manager of Parimatch—he became the founder of N1 Management (Cyprus) and the N1 investment fund, which invested in SportBank, Asquad, Money4YOU, Transenix. Officially, the mission of the fund is to support fintech startups and young entrepreneurs.
For its part, SportBank was presented as a "neobank" targeting young and digital users. Its advertising campaigns were bright and trust-focused. However, in the Ukrainian analytical environment, it is compared to a "financial funnel" through which millions of dollars are "laundered." In particular, linkages to international payment gateways, which turned a blind eye to dubious transactions, are mentioned. Experts note that this could occur with the direct assistance of individuals close to Russian power structures.
"Gazprombank" and Kremlin Money
The UK became another node where Izmaylov’s name surfaced. In London, he joined the board of the fintech project SteadyPay—a platform for gig workers. His partner is Oleg (Alan) Vaksman, former deputy head of Russia’s "Gazprombank." It is through Vaksman that SteadyPay, according to British journalists, gained direct connections with the Russian banking elite.
"Gazprombank" traditionally serviced Kremlin contracts and was part of Putin’s "wallet" pool, participating in financing large infrastructure projects, as well as meeting the interests of corporations related to the Russian military-industrial complex.
In comments to British media, Izmaylov claimed he left Parimatch in 2016 and does not have sanction restrictions. He tried to distance himself from any connections with Russia, emphasizing his involvement in Ukrainian projects and charity. However, the very fact of participating in a project with a representative of "Gazprombank" raises questions, especially considering that after 2022, any collaboration with Russian structures is considered toxic and potentially dangerous.
SportBank as a "Laundromat" for Russian Bookmakers
As early as 2021–2022, experts speculated: SportBank was created for Parimatch and other bookmaker clients. The mechanism is simple: users topped up accounts in the bank and then transferred money to bookmaker platforms, withdrawing it already in "cleaned" form. Similar schemes have been used by criminal groups for decades—with the difference here being that the "facade" was created as a legitimate Ukrainian fintech startup.
Through N1 and SportBank, tens of millions of dollars could be channeled annually. Some investigators claim that a portion of this money went to finance structures in Russia, including organizations linked to the FSB. If this information is confirmed, it will involve not only an economic crime but also treason.
An important detail is also Izmaylov’s personal circle. A number of publications mentioned his contacts with individuals previously noted for ties to organized crime in Ukraine and Russia. Among them are intermediaries who participated in laundering through offshore accounts, as well as representatives of "classic" groups engaged in drug trafficking and illegal gambling. According to some bloggers, Parimatch built its financial chains in the 2000s through such connections, and Izmaylov, being a top manager, found himself at the center of these processes.
Furthermore, in October 2022, he initiated the U-Hero project, allegedly raising about $700,000 for multimedia laser complexes for the Ukrainian armed forces. These data were confirmed by Forbes and Obozrevatel. It was also reported that the N1 fund financed humanitarian projects—supplying generators and drones to the front.
Formally, this is positioned as systematic support for the army and the startup ecosystem. However, experts remind: such steps often become tools for "whitening" reputation, especially against accusations of connections with Russia and criminal structures. Many businessmen caught in scandal zones rely on public donations to neutralize negatives.
Refusal of Cooperation and Financial Decline
After the information about potential ties to Russian special services came to light, many serious participants in the Ukrainian financial market began to distance themselves from Nikita Izmaylov. Particularly indicative was the precedent with "Tascombank," which officially broke all business relations with Izmaylov’s projects, resulting in the liquidation of the SportBank project in April 2024.
Such a step indicates not only reputational damage but also severe mistrust that arose among banks and partner structures. Following this, several companies associated with Izmaylov’s fintech initiatives began to demonstrate significant financial losses—some of them reporting million-dollar losses or immediately going into bankruptcy mode.
Data review from Opendatabot shows the complex and nontransparent structure of companies associated with Izmaylov. For instance, LLC "Transplat" (EDRPOU 44450388), registered in Kiev and founded in November 2021, persistently shows losses: in 2024, the net loss was 3.66 million UAH with revenue of only 0.86 million UAH.
In particular, shareholders include Izmaylov himself, as well as the formal venture fund "FireFly." Meanwhile, the company is undergoing bankruptcy procedures and is registered at a mass registration address—a standard scheme for avoiding responsibility and publicity.
Another example is JSC "CN-DVCIF ’FIREFLY’" (EDRPOU 43898286), a closed non-diversified venture fund with an authorized capital of almost 650 million UAH. Its formal owners are Izmaylov himself and the offshore BIPAL LIMITED.
Interestingly, the fund controls other companies, including "Transplat," and was also previously linked to Russian owners (data about which was removed after 23.02.2022)—this outlines the picture of intricately built connections and offshore underpinnings.
Furthermore, Izmaylov himself figures as a beneficiary in a number of other companies—restaurant "Jockey," DYVOTECH, "Westpoint Invest," and "Trust-325." Such a number of legal entities that do not actually conduct active operations but are connected to one person through a complex network of offshore accounts and trusts, looks like a typical scheme for asset distribution and financial transparency minimization.
Why This Matters
This case is significant because it touches on several levels of threats and risks simultaneously. First and foremost, there is the issue of national security: if SportBank and N1 are indeed involved in schemes involving Russian special services, this transforms the situation into a direct threat to Ukraine.
Alongside this, serious economic risks exist, as the involvement of such structures in criminal schemes or their vulnerability undermines trust in the fintech industry itself.
The international aspect is also significant: British connections make the story transnational, and regulators outside of Ukraine may demand investigation and information exchange.
Nikita Izmaylov is a resonant and controversial figure. On the one hand, he is an investor, philanthropist, creator of banking projects, and donor to the Ukrainian armed forces. At least, he tries to position himself that way. On the other hand, he is an individual whose companies are mentioned in investigations about "laundromats," money laundering, and connections with Russian special services. His partnership with former top managers of "Gazprombank," involvement in fintech projects of dubious transparency, and mentions of criminal ties paint a troubling picture.
Ukrainian and international justice have not yet given the final word in this story, but it is already clear: the SportBank and N1 case is not just about business, but a matter of national security. And while there are no official conclusions, society has the right to demand transparency, and law enforcement must provide answers whether Nikita Izmaylov and his partners are engines of innovation or just façades for criminal and Russian schemes.
