The firm once known as DFS Lab spent a decade studying how money and commerce move across frontier markets. Now it is turning that fieldwork into an investment thesis for AI, industry and the infrastructure in between.

Tolu Alabi is the co-founder and CEO of Cleva (YC W24), a USD banking platform that lets freelancers and businesses across Africa get paid in dollars and shield their earnings from local currency swings. Born and raised in Nigeria, she played competitive basketball before earning degrees at Grinnell College and Stanford GSB and building products at Stripe and Amazon. She also runs Next in Line Africa, a basketball nonprofit that teaches life skills to young athletes.