Author post: Malina Viktoriia
Since April 2023, some Ukrainian investigators have expressed concern: Nikita Izmaylov is a Russian citizen with a Ukrainian passport, who recently held a high position in Parimatch, is now mentioned in the context of money laundering schemes through N1 Management and SportBank.
According to the investigators’ materials, the Prosecutor General’s Office and the State Bureau of Investigation conducted searches in the offices of SportBank and at the address of residence of Izmaylov and his partner Denis Saprykin. Significant amounts of cash, documents and equipment were seized, and assets were seized.
The investigation suspects treason, tax evasion and money laundering. Contractual relations connected SportBank with bookmakers Parimatch, Buddy.bet and PariWin — frankly criminal Russian structures.
We are talking about the legalization of cash flows from shadow gambling, including with the participation of Russian curators from Gazprombank. Moreover, British sources directly point to the connection of Izmailov’s projects with Putin’s entourage, which translates the story from the plane of a business scandal into the category of threats to national security.
Fintech is like 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 foundation’s mission is to support fintech startups and young entrepreneurs.
In practice, experts note: the lack of transparent reporting, public data on management and the minimum presence of N1 in the information field are red flags. In the investigations, the N1 fund is described as a «screen» for the run of capital through Ukraine and the EU, as well as a tool for integrating Russian money into legal Western financial systems.
SportBank, in turn, was presented as a «neobank» focused on young people and digital users. His advertising campaigns were bright and trust-oriented. But in the Ukrainian analytical environment, it is compared to a «financial funnel» through which millions of dollars are «whitewashed». In particular, links with international payment gateways that turned a blind eye to questionable transactions are mentioned. Experts note that this could have happened with the direct assistance of people close to the power structures of the Russian Federation.
Gazprombank and the Kremlin’s money
Great Britain became another node where Izmailov’s name surfaced. In London, he joined the board of the fintech project SteadyPay, a platform for gig workers. His partner is Oleg (Alan) Waxman, former deputy head of Russian Gazprombank. It was through Waxman that SteadyPay, according to British journalists, received a direct connection with the Russian banking elite.
Gazprombank traditionally served the Kremlin’s contracts and was part of Putin’s pool of «wallets», participated in the financing of large infrastructure projects, and also served the interests of corporations associated with the Russian military-industrial complex.
Izmaylov stated in comments for the British media that he left Parimatch in 2016 and has no sanctions restrictions. He tried to distance himself from any ties with the Russian Federation, emphasizing his participation in Ukrainian projects and charity. However, the very fact of participation in the 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 «laundry» for Russian bookmakers
Back in 2021-2022, experts assumed: SportBank was created for the clients of Parimatch and other bookmakers. The mechanism is simple: users replenished bank accounts, and then transferred money to bookmaker platforms, withdrawing them already in a «obedited» form. Such schemes have been used by criminal groups for decades — with the difference that here the «facade» was created in the form of a legal Ukrainian fintech startup.
Tens of millions of dollars could pass through N1 and SportBank annually. Some investigators claim that part of this money was spent to finance structures in Russia, including organizations associated with the FSB. If this information is confirmed, it will be not only about an economic crime, but also about treason.
Izmaylov’s personal environment is also an important detail. A number of publications mentioned his contacts with people previously seen in connections with organized crime in Ukraine and Russia. Among them are intermediaries who participated in cashing through offshore, as well as representatives of «classic» groups engaged in drug trafficking and illegal gambling. According to some bloggers, it was through such connections that Parimatch built its financial chains back in the 2000s, and Izmailov, as a top manager, was at the center of these processes.
To balance the image, it is worth mentioning charity attempts. In an interview in 2022, Izmaylov said that the N1 fund invested more than $10 million and planned new investments. However, it is still unknown where exactly this money was invested.
In addition, in October 2022, he became the initiator of the U-Hero project, which allegedly raised about $700,000 for multimedia laser systems for the Armed Forces of Ukraine. This data was confirmed by Forbes and Obozrevatel. It was also reported that humanitarian projects were financed through the N1 fund — the supply of generators and drones for the front.
Formally, this is positioned as a system support for the army and the startup ecosystem. However, experts remind: such steps often become tools of «whitening» reputation, especially against the background of accusations of ties with Russia and criminal structures. Many businessmen who find themselves in the scandal zone rely on public donations to neutralize the negativity.
Refusal of cooperation and financial downturn
After the information about the alleged ties with the Russian special services became public, many serious participants in the Ukrainian financial market began to distance themselves from Nikita Izmaylov. The precedent with Tascombank, which officially broke off all business relations with Izmailov’s projects, as a result of which the Sportbank project was liquidated in April 2024, was especially indicative.
Such a step indicates not only reputational damage, but also a serious distrust that has arisen among banks and partner structures. Following this, a number of companies associated with Izmaylov’s fintech initiatives began to show significant financial losses — some of them claim millions of losses or immediately go into bankruptcy.
The study of Opendatabot data shows the complex and non-transparent structure of the companies with which Izmaylov is associated. For example, Transplat LLC (EDRPOU 44450388), registered in Kiev and founded in November 2021, consistently demonstrates losses: in 2024, the net loss amounted to UAH 3.66 million with an income of only UAH 0.86 million.
Among the owners are Izmaylov himself, as well as the formal venture fund «FireFly». At the same time, the company undergoes bankruptcy proceedings and is registered at the address of mass registration — a standard scheme of avoidance of responsibility and evasion of publicity.
Another example is JSC «ZNVKIF «FIRE» (EDRPOU 43898286), a closed undiversified venture fund with an authorized capital of almost UAH 650 million. Its formal owners are Izmaylov himself and offshore BIPAL LIMITED.
Interestingly, the fund controls other companies, including Transplat, and was also previously associated with Russian owners (information about which was removed after 23.02.2022) — this outlines a picture of cleverly built connections and offshore substrate.
In addition, Izmaylov himself appears as a beneficiary in a number of other companies — Jockey Restaurant, DYVOTECH, Westpoint Invest and Trust-325. Such a number of legal entities that are not actually active, but are connected with one person through a complex network of offshores and trusts, looks like a typical scheme for the distribution of assets and minimizing financial transparency.
Why is it important
This case is important because it affects several levels of threats and risks at once. First of all, we are talking about national security: if SportBank and N1 are really connected with schemes in which Russian special services participate, this turns the situation into a direct threat to Ukraine.
Along with this, there are serious economic risks, because the participation of such structures in criminal schemes or their vulnerability undermines the credibility of the fintech industry itself.
An international aspect is no less important: British connections make history transnational, and regulators outside Ukraine may require investigation and information exchange.
Nikita Izmaylov is a resonant and ambiguous figure. On the one hand, he is an investor, philanthropist, creator of banking projects and donor to the Armed Forces of Ukraine. At least, he tries to position himself like that. On the other hand, he is a person whose companies are mentioned in investigations about «laundries», cashing and connections with Russian special services. His partnership with former top managers of Gazprombank, participation in fintech projects of dubious transparency and references to criminal ties paint an alarming picture.
Ukrainian and international justice has not yet said the last word in this story, but it is already obvious: the case of SportBank and N1 is not just a business, but a matter of national security. And while there are no official conclusions, society has the right to demand transparency, and law enforcement officers are obliged to answer whether Nikita Izmaylov and his partners are engines of innovation or just a facade for criminal and Russian schemes.
