Mobile messaging company Tango has reportedly secured a valuation of $1.5 billion, as it prepares new financing. 

While the amount is nowhere near the $19 billion Facebook paid for WhatsApp, it is quite a bit more than Tango has seen in the past. According to a report from Reuters, the new valuation is one-third more than the valuation Tango recieved just five months ago. 

As part of Tango’s transaction, shareholders will sell shares to billionaire Len Blavatankik, who is looking to up his stake in the company. As Reuters pointed out, Blavatankik led Tango’s first round of funding, which valued the company at $160 million. 

Tango is a free mobile messaging service with more than 200 million registered members. The service is available on iPhone, iPad, Android phones and tablets, Blackberry, Kindle Fire and PC, and it works across 3G, 4G and Wi-Fi. 

In March Tango wrapped up a $280 million Series D funding round, which was led by Alibaba Group.