Pinterest competitor The Fancy has raised $53 million from investors, including American Express Co. and actor Will Smith, according to a Bloomberg report, citing people familiar with the deal. The funding round values the social commerce company at $600 million.

The Fancy allows users to shop for items posted by customers from around the Web. Like Pinterest, users can organize product images into boards or lists, but purchases can be made without leaving The Fancy’s site. By opting to “fancy” an item, shoppers help push the most popular choices to the site’s front page.

The Fancy collects a 10% cut of transactions and reportedly takes in $3 million a month.

Similar to Fab.com, which last week announced raising $150 million in venture funding, The Fancy features high-end and novelty merchandise and furnishing, from a Carrera fold-up bike helmet to a “Ninja Grappling Hook” to a floating golf green for the pool.

Along with its Web site, the company also offers apps for Android, iOS and Windows Phone. In connection with the funding, American Express President Edward Gilligan will join The Fancy’s board, which also includes Twitter founder Jack Dorsey.