Snapchat is currently undergoing investor talks that value the ephemeral app at $10bn, according to Bloomberg.
A source close to the talks told Bloomberg that potential investors include Chinese e-commerce giant Alibaba.
Last year, Snapchat’s CEO Evan Spiegel turned down a $3bn offer from Apple to acquire the app.
Facebook recently released their self-deleting video and photo sharing competitor, Slingshot.
And this week, Facebook-owned Instagram also released a Snapchat-style app, Bolt.
Following Apple’s offer, Google reportedly offered Snapchat $4bn for the company.
If the valuation is correct, this would see Snapchat join Airbnb, Dropbox and Uber as tech companies who have raised money with a valuation above the $10bn mark.
In June, Snapchat filed two e-payment trademarks that could allow users to transfer money between one another.
The two trademarks said:
“Computer application software for processing electronic payments to and from others that may be downloaded from a global computer network.”
“Electronic transfer of money for others; providing electronic processing of electronic funds transfer, ACH, credit card, debit card, electronic check and electronic, mobile and online payments.”
Snapchat see 700m snaps sent every day, and more than 500m stories viewed.
Chinese internet giant Alibaba is expected to raise around $20bn when they IPO in September.