While Apple is determined to replace passwords with biometric “passkeys,” 1Password Chief Executive Officer Jeff Shiner remains confident in his company’s product. In fact, when Apple, Google, or Microsoft introduces new password replacement technologies, 1Password sees an uptick in interest, according to Shiner. The company’s cross-platform capabilities attract new customers who need flexible solutions, leading the executive to consider the big tech initiatives as competition.
In 1Password’s case, the company foresees its own sweeping solution: universal sign-on. This solution is intended to make it easier for users to sign into multiple sites through a single login across platforms. And though its big tech competitors are teaming to build passkeys, 1Password has joined the FIDO (“Fast IDentity Online”) Alliance—an open industry association dedicated to promoting authentication standards.
Meanwhile, Shiner’s company is growing steadily, expanding to 700 employees and raising more than $600 million in Series C funding in January 2022—at a valuation of $68 billion. The fundraising round was boosted by the involvement of several celebrity investors, including Ryan Reynolds, Pharrell Williams, and Matthew McConaughey.