Top News In Payments: Indian FinTech ZestMoney Raises $15M; Fed’s Brainard Warns Of Crypto Risks

In today’s top news, Indian FinTech ZestMoney raises $15 million, the latest in a $63 million Series B funding round, and Federal Reserve Gov. Lael Brainard outlines the key risks posed by cryptocurrency. Plus, Apple, Amazon, Google and the Zigbee Alliance are teaming up to make smart homes interoperable.

Indian FinTech ZestMoney Raises $15M Led by Goldman Sachs

Bangalore-based FinTech ZestMoney has raised $15 million, led by Goldman Sachs, which it will use to expand strategic relationships. The new investment is part of an extended Series B funding round announced in April, bringing the total amount raised to $63 million. ZestMoney aims to fill India’s banking void and help the country’s population build credit.

Fed’s Brainard: Stablecoins Pose Risk to Consumers

Federal Reserve Gov. Lael Brainard on Wed., Dec. 18, outlined key risks associated with cryptocurrency in general and Facebook’s Libra in particular. According to Brainard, coins launched by big technology companies are of particular concern because of how quickly they can scale globally, faster than payments systems can adapt.

Apple, Amazon, Google Team to Make Smart Homes Interoperable

Apple, Amazon, Google and the Zigbee Alliance announced a new working group to create and promote the adoption of a royalty-free connectivity standard. The new protocol will make smart home devices more compatible for consumers and easier for manufacturers to develop.

Uber’s Gig Platform, Uber Works, Debuts in Miami

Uber is expanding Uber Works, its marketplace for connecting employers and workers. The company announced the launch of the platform in Miami on Wed., Dec. 18, after it first debuted in Chicago two months ago.

Mastercard on Overcoming AI’s Bias Problem

AI has finally proven to business leaders that it’s here to stay, and is soon to have a major impact on everyday life. In a new PYMNTS interview, Sudhir Jha, Mastercard’s senior vice president and head of Brighterion, talks about overcoming the problems that remain for AI — and how to ensure that it takes its proper role in the payments ecosystem.

Why Main Street SMBs Are a Greenfield for InsurTech

The opportunity for a digital revolution in the small business (SMB) insurance market is massive, according to Bryan O’Connell, CEO and co-founder of small business InsurTech startup Huckleberry. In a recent conversation with Karen Webster, O’Connell told Karen Webster how SMBs’ demand for automated mobile experiences, coupled with straightforward underwriting, make Main Street a greenfield opportunity for InsurTech.