Lyft performed 14 million rides in July for a record month

July was a record month in more ways than one for Lyft.

The ride-hailing service completed 13.9 million rides last month, according to a letter Lyft sent to its investors that was obtained by Recode.

Lyft had more than three million monthly active passengers — up from two million this past February — and for the first time in the company’s history, it reached more than $2 billion in “net ride value,” according to Recode. Measured on a run-rate basis, this value is what passengers are paying without including tolls and tips.

Lyft also saw a 14% increase in trips month over month and its number of completed rides was up 12% from June 2016, Recode reports.

“The company continues to hit new records, and we continue to hear from both passengers and drivers that they choose Lyft because of the hard work our team puts into creating the best experience,” Alexandra LaManna, a spokesperson for Lyft, said in a statement to Business Insider.

Lyft’s growth is impressive — it’s performing at least 250,000 rides each month in 17 of its markets — but it still lags behind ride-hailing giant Uber in every market where both services are available. Uber completed its two billionth trip on June 18 and remains the highest-valued startup in the world. Reports say that Lyft is burning though money in an attempt to beat Uber in the U.S. and posted an operating loss of $360 million last year.

Head over to Recode for more details on Lyft’s performance in July.

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