Snapchat is raising about $200 million in a financing round that could put the social media platform's valuation as high as $22.7 billion, TechCrunch reported, citing sources with knowledge of the deal.
The fresh fund-raising follows a $175 million Series F round in March that was led by Fidelity and valued Snapchat at $16 billion, in line with its 2015 valuation, TechCrunch said.
Snapchat declined to comment when contacted by CNBC about the report.
Snapchat has about 100 million daily users, with around 10 billion video views a day.
Popular with millennials, Snapchat allows users to send a "snap" – a picture or video – to contacts. As soon as someone reads the snap, it disappears. But users can also post a "story" – a public collection of snaps that disappear after 24 hours.
—Arjun Kharpal contributed to this article.