After raising $175 million last March at a flat $16 billion valuation over the year prior, Snapchat is reportedly in the midst of yet another funding round. The ephemeral messaging app is currently raising an additional $200 million at a $20 billion to $22.7 billion valuation, TechCrunch reports.

The new funding is actually a “follow-on” to March’s Series F, according to TechCrunch, and would bring total venture funds raised by Snapchat thus far to $1.6 billion. “The startup is ’always raising’ on a ‘rolling’ basis, partly because investors are so interested,” according to TechCrunch, which cited an investor close to the company. Existing investors — like Fidelity, which led Snapchat’s Series F — will reportedly participate in the latest round, in addition to Alibaba, Lightspeed Venture Partners, Spark Capital, and more.

Sources close to the company are also speculating about how it might allocate funds in coming years. They point to potential opportunities in international expansion, targeting wider demographics, new kinds of ads, paid services, and even entirely new products. Sources also told TechCrunch that the company is considering launches in the hardware space.

Snapchat says its 100 million daily users clock 10 billion video views every day, (which is up from 8 billion daily views in February), and also notes that one-third of its users are creating content every day with its Stories feature. Snapchat reportedly purchased Bitmoji maker Bitstrips in a $100 million deal last March.

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