US messaging startup Snapchat has secured a further $537.6m (£351.4m, €490.2m) in funding at about $16bn valuation, according to media reports.

The company raised the amount through a sale of common stock. It intends to raise up to $650m in the latest funding round, according to a filing with the US Securities and Exchange Commission (SEC).

Following the completion of the funding, the company will secure more than $1.2bn in total financing, according to tech website Crunchbase.

Investors in the latest funding round include Chinese e-commerce company Alibaba Group Holding and US hedge funds Glade Brook Capital Partners and York Capital Management.

Venture-capital investors normally receive preferred shares for their funding in a firm. Their decision to take up common stock in Snapchat at a high valuation reveals that they expect strong growth for the company.

In its previous funding round completed in December 2014, Snapchat was able to woo investors with its common stock, the Wall Street Journal reported, citing a person familiar with the matter. That fundraising valued the company at $10bn and included investors such as Kleiner Perkins Caufield & Byers and Yahoo.

Snapchat, which became popular among teenagers with its unique features, is planning an initial public offering (IPO). The app, which has presence on various mobile platforms, enables users to send text messages that disappear quickly.

Snapchat CEO Evan Spiegel said earlier that Snapchat currently has nearly 100 million daily active users, 65% of whom are creating their own content every day.