Figures from may 2017 estimate that picture messaging app Snapchat has around 166 million active daily users around the world. All these happy snappers are making the company’s co-founders a lot of money. According to Forbes’ estimates in February 2017, co-founders and former Stanford University students Evan Spiegel and Bobby Murphy are worth around $4 billion each. Yes, that’s billion with a “B”. Following its widely reported IPO this year which saw many trying to get their hands on parent company Snap’s shares, the company has been valued at $25-30 billion. Though many saw the initial frenzy as unnecessary hype – the share price later fell – Snap remains flushed with cash, as seen in an interesting purchase made in late May.

Snap purchased Zenly – a social mapping startup which let’s users see where their friends are in real time and send them messages. Owned by a startup based in Paris, the app had 4 million downloads at the time of the sale, with 28% of users from France, 12% in South Korea and 8% in Japan, and was particularly popular with young people who used it to find friends at events like concerts. Tech Crunch reported that this deal was worth between $250 million and $350 million, and mostly came in form of cash and some stocks.  Though Snap planned to run Zenly separately, as Facebook runs Instagram independently, it appears that this purchase has informed the parent company’s more popular app.