Nigerian crowdfunding startup OwoHQ rebrands to Owave, now processed over N140m in fundraisers in 1 year

Nigerian-based startup OwoHQ, a platform transforming how Africans raise and receive monetary support, has rebranded to Owave. The development is backed by its growth trajectory and the need to set the pace for the global stage. 

Launched in July 2024, the startup has been making waves in restructuring the crowdfunding model in Nigeria and beyond. While it works to make fundraising easy and accessible to interested individuals, it also aims to eliminate a series of fraud and false fundraising.

While speaking with Technext, Co-founder and CEO of Owave, Daniel Owodunni, explained that the rebranding will usher in clarity and special recognition. 

“At OwoHQ, we always knew the name carried weight, but as we grew, it became clear that another product was already operating with a very similar name. For us, this was more than just a detail; it was about clarity, identity and ensuring our brand could stand on its own globally without confusion,” he said.

One thing Owave (formerly OwoHQ) is doing differently is having a catalogue of the same campaigns. It has a section for NGOs or organisations where individuals who need help in categories such as children’s health, women’s care, and education can get funds. 

While trust matters in Crowdfunding, Owave is looking to strengthen these pivotal measures. It’s building a platform where people can trust a campaign they are sponsoring and can also track the outcome and use of their contributions.

Owodunni said that Owave is more of a service-based platform and not a fintech. Backed by its parent company, Owodunni Technology Limited, the startup prioritises solving people’s financial problems and connecting them with the right channel.

With the rebranding, the startup is making moves to reinstate its mission and build on existing operational excellence.

“The new name reflects momentum and energy, a wave that carries people forward. It gives us the freedom to scale with confidence and the space to keep building a platform that is as bold and enduring as the vision behind it,” the CEO noted.

Through various campaigns on the platform, Owave has now helped process over N140 million in total goals. Owodunni noted that this is more than just numbers but reflects the trust, resilience and impact of strategic collaboration.

Also Read: With AgriPal, 18-year-old Sadiya Aliyu is building a ChatGPT for African farmers.

Owave: How it works 

Owodunni, together with his co-founder and CCO, Temi Ami-Williams, believes that trust is the soul of longevity in their fundraising operation. And Owave is building this via the onboarding process. 

Individuals leveraging the platform for financial help are subjected to a well-vetted Know Your Customer (KYC) process. This involves getting to know who is creating the campaign and the purpose.

While there are genuine campaigns for financial help, the space is becoming polluted by scams and false alarms. To solve this issue, Owave saw the need to build a system where campaigns can both be documented and tracked. And it’s a way to make fundraising very safe and trustworthy.

“So, that’s what we are building. It’s a system that already exists. We are just adding a little bit of technology plus trust spice to it. That’s all,” Owodunni said.

One thing Owave has embedded in the platform is the security of funds. The system is built to only give withdrawal access to the account holder, powered by the BVN verification in the KYC process. However, Owave is working on making the process easier to navigate. 

For every campaign, the company takes a 7.5% share of the funds raised, which covers the transaction fee facilitated by a third party such as Paystack. Individuals or organisations are always advised to add the service charge to the price. For instance, if the goal is N1,700, adding the charges makes the total set campaign N1,075.

Provided the campaign fails to reach the set target by the targeted date, the service charges are reduced with respect to the amount raised. Also, Owave applied a human consideration approach to health-related campaigns. 

In all these, the drive for Owave is to help people solve their problems. And using technology and software to solve such is pictured as a service-based model.

“One of the things that we gain is, and this is really particular for me, I love solving problems for people and just using technology to make the lives of people very easy. That is one really impactful thing for me, because Owave is still a startup and we are still growing,” Owodunni told Technext. 

Prospective additions

Recently, Owave streamlined its personal campaigns to two tiers. First is the instant verification, where the campaign goes live without delay. Second is the full platform access, which unlocks after enhanced verification. 

Owave will also release a fundraising software in November, a tool that gives people access to raise funds by sharing a scan code with benefactors. The initiative seeks to make campaigns more seamless and easier for people to navigate.

Owodunni said the team is working on adding more currencies to the platform and also a feature where people can contribute using crypto. With expansion to countries like Ghana, South Africa and Kenya in focus, supporting multiple payment systems is necessary. 

The startup is also ready to launch its mobile app.

According to the CEO, setting up campaigns and having a seamless experience navigating through the platform are key to making fundraising easier.