Snapchat is reportedly in talks to secure its latest round of funding, which would see the company behind the popular picture messaging app valued at $3.6bn.

Snapchat closed a $60m Series B round in June, putting its value at $800m. The latest investment – which will be in the hundreds of millions of dollars, according to sources cited by AllThingsD – is led by a strategic party from Asia. Sources ruled out two of the most likely suspects fitting this description: Japans Rakuten and Chinas Alibaba Group.

One investor the company has already turned down is Facebook, according to the Wall Street Journal. Mark Zuckerberg reportedly approached Snapchat earlier this year with an acquisition offer in excess of $1bn, but it was rejected. It appears that the company just isnt currently willing to sell, but its also worth noting that this latest funding would see its value pushed far beyond this offer.

Around 350m picture messages are sent through Snapchat each day, according to figures released in September, but it still has no monetisation strategy. As it accumulates this funding, that is sure to change, but it remains to be seen exactly how.