Foursquare to Start Charging Merchants

Develops new features in a bid for profitability

Foursquare has a big revenue problem: the social check-in site boasts more than 10 million users and a $600 million valuation, but so far, it hasn’t managed to actually make money. Now, Foursquare is planning to close that gap by charging its 500,000-plus registered merchants to use the site’s services, which are currently free, reports the New York Post.