After announcing that their location based platform has surpassed 10 million users, Foursquare on Thursday revealed that more than 500,000 merchant accounts have now been added to their program.

The company on their official blog post highlighted some of the company’s most creative brand partners such as American Express who are effectively using Foursquare to make customers aware of and ultimately sell their products?

The announcement comes at a crucial time for the platform as the company just raised $50 million which they say will be used to expand their technological offerings and allow them to reach into further global markets.

Do you have a favorite merchant on Foursquare that you check into on a regular basis?