Foursquare has announced in a tweet that it has nearly 725,000 users after just one year in business.
The location-based social network is still in the early development stages, and is primarily of use to smartphone owners.
The company has received a lot of publicity recently as commentators speculate on its huge potential for growth.
Foursquare allows users to 'check in' to locations when they arrive, such as museums, restaurants and parks, and let their contacts know where they are.
The frequency with which they check in gives them points, although Foursquare admits that it does not yet know how these points will be used.
The firm recently launched a business offering that will give venue owners more information on customers through a new dashboard feature that tracks users of the social network.
Foursquare has also just launched an iPhone application, as well as adding new integration with Facebook and Bing.
The company now has more users than Twitter had in its first year. The Twitter Facts blog claims that the micro-blogging service had 340,000 public accounts in July 2007, a year after its launch.
However, Foursquare's growth is small compared to Facebook, which boasted one million active users 10 months after its launch.
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