Snapchat invests in shopping app, planning for IPO

Photo and video sharing digital platform Snapchat announced its new investment in shopping app Spring.

Spring, which launched in August of last year, recently closed a $25 million investment and expanded from iOS into Android, reported PYMNTS.

Although neither Snapchat nor Spring have confirmed the deal, sources say Snapchat will now work in partnership with Spring, which includes more than 700 fashion brands ranging from Helmut Lang to Rebecca Minkoff.

Users currently can't buy directly from Snapchat. However, in 2014 Snapchat launched Snapcash, and along with help from Square, the platform allows users to register a debit card and send money to another Snapchat user.

Snapchat is not the only social site looking to offer users a way to make purchases directly on the platform. Twitter and Facebook (NASDAQ:FB) launched their "buy buttons" last year, and Google (NASDAQ:GOOG) announced earlier this month that it was planning on turning its search engine into a shopping site for mobile devices.

Snapchat also revealed this week that it is preparing for an IPO, reported CNN Money. Although founder and CEO Evan Spiegel would not say exactly when, the public offering is definitely in the works. He also said that he would not entertain anymore takeover offers because he wants Snapchat to remain independent.

For more:
-See this PYMTS article
-See this CNN Money article

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