South Africa's Tyme Group Raises $250 Million, Becomes Africa's Ninth Unicorn
Tyme Group, a South African digital lender, has raised $250 million in a Series D round, valuing the company at $1.5 billion and making it Africa's ninth unicorn.
Alexis Rowe
The Global System for Mobile Communications Association (GSMA) has taken a significant step towards enhancing the security of cross-platform messaging, announcing new specifications for the Rich Communication Services (RCS) protocol that include support for end-to-end encryption (E2EE) across different platforms.
RCS, a longstanding effort to enable SMS-style cross-platform communications with richer features, has been adopted by many Android handset makers over the years. However, Apple was a notable holdout until it finally introduced RCS support with iOS 18 last year. While most core RCS features have been available for cross-platform messaging since then, E2EE has been a notable omission – until now.
End-to-end encryption, a data encryption method that ensures only the sender and the recipient of a message can read its content, is a major selling point for tech companies. It assures users that their messages are safe from surreptitious snooping. Apple has offered E2EE since it launched iMessage in 2011, although it only worked between iOS devices. WhatsApp, on the other hand, completed its E2EE rollout in 2016, but it only worked between WhatsApp users.
Google has also added E2EE to its own Messages app, but encrypting messages across different clients and entirely different platforms comes with unique challenges. The GSMA's universal profile, based on the cryptographic Messaging Layer Security (MLS) protocol, provides a standardized specification for consistent, interoperable RCS messaging across devices, networks, and operators.
The new E2EE mechanism in the RCS Universal Profile 3.0 is a vital piece of the interoperable jigsaw, one that will ultimately enable iPhone and Android users to communicate securely via their device's native messaging app. According to GSMA technical director Tom Van Pelt, "RCS will be the first large-scale messaging service to support interoperable E2EE between client implementations from different providers."
This development is significant, as it will provide RCS users with the highest level of privacy and security for stronger protection from scams, fraud, and other security and privacy threats. With E2EE, users can rest assured that their messages are safe from unauthorized access, a critical concern in today's digital landscape.
The implications of this development are far-reaching, as it has the potential to transform the way people communicate across different platforms. With RCS now offering E2EE, users will have more confidence in the security of their messages, which could lead to increased adoption of RCS as a preferred messaging platform.
In conclusion, the GSMA's introduction of E2EE for cross-platform RCS messaging is a significant step forward in ensuring the security and privacy of users' communications. As the digital landscape continues to evolve, it is essential that messaging platforms prioritize security and privacy, and the GSMA's latest development is a welcome move in this direction.
Tyme Group, a South African digital lender, has raised $250 million in a Series D round, valuing the company at $1.5 billion and making it Africa's ninth unicorn.
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