PayPal recorded strong financial results in the second quarter with net revenue of $6.24 billion.

The company also reported an additional 11.4 million net new active accounts in the second quarter of 2021 bringing its total active accounts to 403 million.

While PayPal said it processed a total of $311 billion in the second quarter, Venmo said its social payments platform TPV grew by 58%.

Commenting on the company’s second-quarter financial results, PayPal CEO Dan Schulman said, “On the heels of a record year, we continued to drive strong results in the second quarter, reflecting some of the best performance in our history. Our platform now supports 403 million active accounts, with an annualized TPV run rate of approximately $1.25 trillion. PayPal has evolved into an essential service in the emerging digital economy.”

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