Snap will raise US$1 billion in short-term debt to invest in more media content, augmented reality features and may also buy other companies.

The parent company of the popular disappearing messaging app Snapchat has revived its user growth and stock price after a rough 2018.

It introduced mobile gaming within Snapchat and developed its AR features such as lenses that overlay bunny ears on a user’s photo.

But Snapchat faces stiff competition from larger platforms like Facebook and new social media apps like TikTok.