PayPal’s Venmo platform reported another record quarter for customer sign-ups, CEO Dan Schulman revealed, highlighting the brand was continuing its rapid growth across the US.

On the company’s Q3 conference call, Schulman (pictured) said the platform had booked its third consecutive quarter of record new users. It is also gaining traction in areas away from its core use of small person-to-person mobile transfers.

“We are rapidly gaining omnichannel ubiquity and becoming a part of our Venmo customers every day spend,” Schulmann added.

The company did not declare specific customer numbers for Venmo in its results. However, it noted $17 billion had been processed by the platform in Q3, up 78 per cent year-on-year and a jump of $3 billion on its Q2 2018 figure.

Across PayPal’s various mobile payment brands, the company processed $57 billion in the quarter, up 45 per cent on Q3 2017. Mobile payments contributed 45 per cent of the total amount transacted by the company in the quarter.

Venmo started out as a person-to-person platform designed for social cash transfers. It was acquired by PayPal in 2013 as part of a $800 million deal to buy the brand’s parent company Braintree.

Since the acquisition, PayPal has integrated it with other mobile payment systems and expanded the platform to include a greater number of payment types. Venmo is now accepted by retailers both online and, following a number of retail deals, in physical stores.

PayPal also offers a Venmo-branded debit card following a partnership with Mastercard announced in June.

Over recent quarters, PayPal has hailed the performance of the unit and its other mobile payment platforms as being among the company’s key drivers for growth. However, it rarely gives complete, specific figures for its individual product lines.

Earlier this week, Venmo hit the headlines after news broke it was set to hike fees for instant transfers.