Xometry Launches Xometry Advance Card
Custom manufacturing leader creates program to make 30% of job funds immediately available for partner manufacturing shops
20 Jul, 2020, 09:17 ET
GAITHERSBURG, Md., July 20, 2020 /PRNewswire/ -- Xometry, the largest global marketplace for custom manufacturing, today announced the launch of the Xometry Advance Card to its network of over 3,000 US-based manufacturing partners.
The card gives American manufacturing facilities in Xometry's network immediate access to 30% of the value of the Xometry jobs they accept, up to $7,500 on each job. This provides partners with the opportunity to improve their cash flow, giving shops capital to use to buy materials, tooling, and other expenses needed for business operations.
"At Xometry, we're all about unleashing the capacity of American manufacturing. We want to do everything we can to help the small- and medium-sized American shops in our partner network succeed," said Randy Altschuler, Xometry Co-founder and CEO. "The Xometry Advance Card makes it easier for our partners to buy what they need to keep their shops growing without worrying about cash flow. Over time, we will also be adding opportunities for discounts and benefits on products relevant to manufacturing partners who are cardholders."
The Xometry Advance Card can be used wherever Visa™ is accepted and has no fees, interest, bills, or impact on the holder's credit. Its spending limit is set automatically based on the work partners take from the Xometry job board. If money on the card is not used, it will simply be returned to partners with the rest of their job payment. For a limited time, Xometry partners who sign up for the card will receive $100 upon the activation of their card.
"Getting 30% upfront is incredibly helpful for our cash flow, especially in times like this," said Anthony Marshall, President of Leatherneck Precision Machine, a shop in Xometry's network.
The release of the Xometry Advance Card is a part of Xometry's upgraded Shop Finances Partner Portal, which features more frequent, invoice-less payouts that leverages Stripe's payment technology.
Xometry also recently announced the launch of its new 2D Technical Drawing Marketplace, an innovative platform that expands access to prospective job orders for 3,000+ American machine shops. Shops interested in joining Xometry's Partner Network can learn more here.
Xometry is the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies. Our nationwide network of over 4,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC machining, 3D printing, sheet metal fabrication, injection molding, and urethane casting. Xometry's customers include BMW, Dell Technologies, General Electric, Bosch, and NASA.
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