# Dot

> Dot was a consumer fintech founded in 2021 by Abdulrasaq (Dulra) Amolegbe to help immigrant students in South Africa turn cash into digital spending power. It combined retail cash funding, a wallet, virtual cards and peer-to-peer transfers. A May 2026 Lehigh Future Makers Society account reports that the company shut down amid regulatory challenges.

- **Founded:** 2021
- **Headquarters:** Wilmington, United States
- **Founders:** Abdulrasaq (Dulra) Amolegbe (Founder and CEO)
- **Products:** Cash-funded digital wallet, Virtual payment card, Peer-to-peer transfers and money management
- **Notable:** Reported more than 200 immigrant students served in an early pilot., Won $7,500 across three awards at StartUp Lehigh Valley on October 25, 2023., Founder won Lehigh’s 2023 Thalheimer Grand Prize of $5,000 and EUREKA! student venture award.

## Products & services

- **Cash-funded digital wallet** — Designed to let students deposit cash through a retail network enabled by Ukheshe in South Africa. Historical product; the company later closed.
- **Virtual payment card** — Online spending from a funded wallet. The MIT Solve submission described Mastercard; a separate Lehigh interview described Visa, so a single consistent card network is not established.
- **Peer-to-peer transfers and money management** — Sending and receiving money and managing personal spending within the proposed student banking experience.

## Achievements

- Reported more than 200 immigrant students served in an early pilot.
- Won $7,500 across three awards at StartUp Lehigh Valley on October 25, 2023.
- Founder won Lehigh’s 2023 Thalheimer Grand Prize of $5,000 and EUREKA! student venture award.
- Named in the Visa Inclusive Fintech Accelerator founder roster.
- Founder announced banking sponsorship approval in October 2024.

## Latest updates

- **2026-05** — Lehigh Future Makers Society reported that Dot raised more than $150,000 over three years, earned pilot revenue and ultimately shut down amid regulatory challenges. This is a report date, not an established closure date.
- **2026-05** — Lehigh reported that founder Amolegbe and Roman Moskalenko had co-founded Carmel Labs, a separate AI-focused venture.
- **2024-10** — Amolegbe publicly announced banking sponsorship approval and plans to launch live and open a pre-seed round.

## Links

- Website: https://www.dotinc.app/
- LinkedIn: https://www.linkedin.com/company/dot-inc/

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Profile page: https://yespress.io/dot
Published by YesPress — https://yespress.io
Last updated: 2026-10-23