Snapchat is planning to raise about $500m in a new round of funding, which would further raise its valuation to $19bn.
Bloomberg cited a source close to the development as saying that Snapchat executives have already advanced talks with fund managers.
The drastic rise in valuation is mainly fuelled by the company’s growing user base and extension of service, including the recent addition of videos and articles by mainstream media outlets including CNN and ESPN, which brings it in close rivalry with Facebook and Twitter.
Earlier, Snapchat turned down an all-cash buyout offer from Facebook for about $3bn in late 2013.
In its previous funding round during late last year, Snapchat raised the company’s valuation to more than $10bn.
Last month, the messaging platform revealed plans to add a new ‘Discover’ feature, which will enable video clips from major media brands such as Comedy Central, Food Network, CNN, National Geographic, and Vice to be viewed by users.
Facebook also launched a Snapchat-like photo-sharing app dubbed Slingshot, with a difference that shared through it can be opened only if the receiver sends back their own photo to the sender.