• by Mark Walsh  @markfwal, December 11, 2013

Snapchat has secured another $50 million in funding for its fast-growing photo- and video-based mobile messaging service. The third-round financing disclosed Wednesday in a securities filing brings the total raised by the startup to $123 billion, according to Crunchbase.

Snapchat in the last two years has ridden a wave of popularity especially among younger users who have embraced its defining feature—photos and videos that vanish quickly after being shared. CNET and Business Insider last month reported Snapchat now process 400 million snaps per day.

Underscoring its white-hot status, Facebook in November offered to buy Snapchat for $3 billion, according to reports, but the company turned down the deal in anticipation of better offers to come. Facebook paid $1 billion for photo-sharing app Instagram last year.

Snapchat has reportedly been approached with other offers, including an investment from China’s Tencent Holdings, that would value it at up to $4 billion. TechCruch reported Wednesday reported that its latest investment came from a single investor, citing confirmation from Snapchat co-founder Evan Siegel.