A Ukrainian technology investor has taken legal action against Scottish billionaire Jim McColl following the collapse of a fintech project the two men founded with Monzo cofounder Jason Bates.
The lawsuit, filed with Monaco’s judicial authorities on January 14, alleges systematic fraud and accuses McColl of diverting company funds. Vladyslav Yatsenko, an early Revolut executive, launched the claim alongside a Monaco-based investment firm. The dispute centers on a digital banking venture named Apollo Global, which the partners had positioned to compete with established lenders.
According to court documents, Yatsenko and the co-plaintiff accuse McColl of misappropriating investor capital while concealing the project’s deteriorating financial state. The claimants argue that Apollo Global’s parent company, Monaco Bank, operated without the necessary regulatory permissions to conduct banking activities in the principality.
A formal police complaint accompanied the civil filing. The allegations state that McColl failed to disclose critical information about the bank’s financial condition while soliciting additional investment from Yatsenko, who had contributed approximately £10 million to the venture.
The partnership launched publicly in 2023 with considerable fanfare. Bates and Yatsenko brought fintech credentials from their respective roles at Monzo and Revolut, while McColl promised access to his network and banking infrastructure.
“When significant sums go missing from an entity that raised capital based on false representations, those responsible must answer for it,” a source familiar with the proceedings said.
McColl’s legal representatives have not responded to requests for comment. The case now moves through Monaco’s notoriously private court system, where financial disputes involving high-net-worth individuals typically proceed behind closed doors.
