Snapchat is looking to raise as much as $500 million in a new funding round that would value the mobile messaging company at up to $19 billion, Bloomberg reported late on Tuesday, citing a person with knowledge of the matter.

The latest valuation is a massive increase for the company, which Facebook offered to buy for $3 billion in late 2013.

Snapchat’s previous funding round, completed late last year, valued the company at more than $10 billion.

Executives of the company, which allows its more than 100 million users to send messages that disappear after a few seconds, are in advanced talks with fund managers, the person told Bloomberg.

Los Angeles-based Snapchat could not be reached immediately for comment.

Reuters