But Kara, hanging out in cool places IS my business model!

Foursquare is enjoying phenomenal user growth and has inked a slew of new business partnerships with big name brands.

But at the D:Dive Into Mobile conference today, co-founder Dennis Crowley said Foursquare isn't focused on revenue yet, or on new investment for that matter.

"We're not raising money, though people have approached us. We have enough money to go through till the end of next year," he said, adding, "The point is not to become profitable now, but to grow."

Foursquare has been ramping up it's offerings from local merchants. Crowley recently told Fox Business News that he sees the company as the 21st century version of the "loyalty card," by which customers can earn rewards.

"Our business model is to create and sell tools to local merchants. When we figure out what is actually working on the local merchant front, then we'll pull that lever."

Foursquare now seems to have two key goals: On the one hand, it's planning to release a new app and focus on growing its user base. At the same time, its business model seems to center on serving local merchants. It will be interesting to see how Crowley & Co. intregrate these two aspects of the company.

bpopper [at] observer.com | @benpopper