San Francisco, California-based finech Brex, which offers enterprise solutions from business accounts and credit cards to spend management tools, is partnering with password manager 1Password to streamline and better secure online payments.
Courtesy of the new integration, consumers will be able to complete online payments faster and more securely by automatically syncing customer data stored in their Brex vaults with 1Password. This will ensure users have access to the most up-do-date version of their Brex virtual cards, enable them to immediately delete their cards from both Brex and 1Password in the event of a security breach, as well as allow them to create single-use cards that mitigate against the possibility of online card theft altogether.
1Password CEO Jeff Shiner called the integration between his company and Brex “the first of its kind in financial services.” He said that the partnership would “give customers peace of mind over their business spend while promoting a culture of security within their organizations.” Cosmin Nicolaescu, Chief Technology Officer at Brex, added that the partnership was “an excellent example of how the Brex API can help customers with custom workflows to create efficient and time-saving practices.”
Other features of the integration include spending caps and card controls, auto-population of card details into online payment forms, unlimited virtual cards, and visibility into virtual card activity via a single dashboard. The integration will also enable Brex card details to be securely stored within 1Password, and allow Brex virtual credit cards to be viewed, managed, and controlled from within 1Password.
Brex’s integration announcement with 1Password comes just a few weeks after the company announced an additional $300 million raised as part of its Series D-2 round – and the appointment of new Chief Product Officer, Karandeep Anand. The investment round was led by Greenoaks Capital and Technology Crossover Ventures and takes the company’s total capital raised to $1.2 billion. Brex’s valuation currently stands at $12.3 billion.
Anand comes to Brex after tenures as Head of Business Products at Meta (formerly Facebook) and as Partner Director of Product Management at Microsoft. At Brex, he will lead the company’s product portfolio expansion. “Brex is a market disruptor, and the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is incredibly exciting,” Anand said in a statement.
Toronto, Ontario, Canada-based 1Password was founded in 2005. The company earned a valuation of $6.8 billion after securing $620 million in funding earlier this month. With a total capital raised of more than $920 million, 1Password has 100,000+ companies using its technology, including firms like Slack and IBM. The company has approximately 570 employees, with plans to double that number this year, CEO Shiner said.
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