Capital One forms business to help cloud users

Capital One Financial in McLean, Va., has created an enterprise B2B software business to help companies that operate in the cloud. 

The $434 billion-asset company said in a press release that Capital One Software has already introduced Capital One Slingshot, a data management solution for customers of Snowflake. 

The product should help users accelerate the adoption of the Snowflake Data Cloud, manage costs and automate governance processes. 

"Capital One has pioneered the adoption of modern data and cloud capabilities,” Ravi Raghu, head of Capital One Software, said in the release. 

The new business “will offer proven solutions that have been battle-tested by one of the nation's largest enterprises serving more than 100 million customers," Raghu added.

Capital One, an early adopter of Snowflake, said its own adoption of Slingshot has helped it generate 27% cost savings over projections by rightsizing resources.