In an effort to expand its mobile reach, Facebook is rumored to be launching a location-based app that allows friends on the social network to track each other.

According to the report from Bloomberg: "The app, scheduled for release by mid-March, is designed to help users find nearby friends and would run even when the program isn’t open on a handset."

The app would compete directly with Apple's Find My Friends, and also falls directly in line with Facebook's mobile focused strategy. During a call with analysts last month, CEO Mark Zuckerberg discussed the social network's need to expand on new mobile products. The new location-based app will provide the company with better information “to tell you and your friends about people or events nearby, or offer deals to you that you might be interested in,” according to Facebook's data-use policy. Additionally, this data will allow Facebook “to serve you ads that might be more relevant.”

[via Bloomberg]