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Capital One Enters Enterprise B2B Software Market with Launch of Capital One Software Business

Unveils new enterprise data management SaaS solution for Snowflake Data Cloud customers

MCLEAN, Va., June 1, 2022 /PRNewswire/ -- Capital One Financial Corp. today announced the launch of Capital One Software, a new enterprise B2B software business focused on providing cloud and data management solutions for companies operating in the cloud. Capital One Software's first product is Capital One Slingshot, a data management solution for customers of Snowflake, the Data Cloud company, that is designed to help businesses accelerate adoption of the Snowflake Data Cloud, manage cloud costs, and automate critical governance processes.

Capital One's entrance into the enterprise software market comes after years spent building its own in-house cloud and data management tools.

"As one of the first large enterprises to go all-in on the public cloud, Capital One has pioneered the adoption of modern data and cloud capabilities. We've solved technology challenges faced by America's largest enterprises and increased our speed and agility in delivering breakthrough products and experiences for customers. We recognize that many other businesses are facing similar data management needs as they accelerate their cloud and data journeys, so bringing some of the tools we've built and scaled to market as enterprise B2B software solutions is a natural evolution for us," said Ravi Raghu, Executive Vice President, Head of Capital One Software. "Starting with the launch of Capital One Slingshot, Capital One Software will offer proven solutions that have been battle-tested by one of the nation's largest enterprises serving more than 100 million customers."

Analysts from Gartner® report that "more than 85% of organizations will embrace a cloud-first principle by 2025 and will not be able to fully execute on their digital strategies without the use of cloud-native architectures and technologies"1. As companies scale their business operations and digital workloads in the cloud, Capital One Software will help them solve challenges related to data management in the cloud, including data publishing, data consumption, data governance, and infrastructure management.

Capital One Slingshot

Capital One Slingshot is a data management solution for customers of the Snowflake Data Cloud. The solution is designed to help businesses accelerate adoption of Snowflake, manage cloud costs, and automate critical governance processes. With Capital One Slingshot, businesses can streamline their Snowflake provisioning processes, adhere to governance requirements, gain detailed visibility into cost drivers, and optimize future spend. 

"Capital One was an early adopter of Snowflake, which enabled our more than 6,000 analysts to run millions of queries with no degradation in performance. Snowflake gave us the ability to scale instantly for nearly any workload, and as our access to data increased, we wanted to ensure we were managing costs in a well-governed way," said Biba Helou, Senior Vice President, Enterprise Data Platforms at Capital One. "Since creating and launching Slingshot at Capital One, we've seen 27 percent cost savings over projected costs by dynamically rightsizing resources. Slingshot has allowed us to further scale our use of Snowflake, and we're excited to help other companies harness the full power of the cloud to accelerate innovation for customers."

"As we enter into the defining decade of data, it's clear that every organization needs to leverage insights to manage costs, identify new opportunities, and ultimately drive the bottom line. Capital One Slingshot makes it incredibly easy to identify these insights from across all our Snowflake accounts," said Kaushik Patel, Senior Vice President, Business Operations, ThoughtSpot. "With Slingshot, we have the information we need to empower our teams to optimize usage and control costs in a seamless, scalable fashion."

Slingshot helps businesses:
  • Manage costs through intelligent cost savings recommendations and dashboards to monitor warehouse performance
  • Gain insights and visibility into important changes to Snowflake costs and usage through proactive alerts
  • Federate warehouse administration to lines of business to remove bottlenecks and scale without exponential cloud spend
  • Automate governance using custom workflows, dynamic warehouse provisioning, and self-service capabilities

"Over the past five years, we have seen first-hand how Capital One has been able to harness the Snowflake Data Cloud and deliver exceptional value to their customers," said Christian Kleinerman, Senior Vice President of Product at Snowflake. "With Capital One's new Slingshot solution, joint customers will be able to benefit from its cost predictability, forecasting, and optimization, enabling them to expand upon their Snowflake usage with confidence." 

For more information about Capital One Software and Slingshot visit: https://www.capitalone.com/software. Capital One Software will also provide demos of Slingshot at the Snowflake Summit, June 13-16, 2022, in Las Vegas. 

About Capital One Software

Capital One Software, an Enterprise B2B Software business of Capital One, is dedicated to helping businesses accelerate their cloud and data management journeys at scale. Backed by 25 years of data innovation, Capital One Software is focused on providing proven, battle-tested solutions that help businesses overcome key cloud and data management challenges related to data publishing, data consumption, data governance, and infrastructure management. Building on Capital One's pioneering adoption of modern cloud and data capabilities to create exceptional customer experiences, Capital One Software will help other companies to harness the full power of the cloud, data, and AI to accelerate innovation and unlock new value for customers. Capital One Software is based in McLean, Virginia, at Capital One's headquarters. To learn more, go to: https://www.capitalone.com/software

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $313.4 billion in deposits and $434.2 billion in total assets as of March 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Additionally, please visit the Capital One newsroom for more Capital One news.

1Gartner® Press Release, "Gartner Says Cloud Will Be the Centerpiece of New Digital Experiences", November 10, 2021.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

 

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SOURCE Capital One

Caroline Sinnell, caroline.sinnell@capitalone.com