By Amanda Weston

Claim It!, the app some call "Snapchat meets eBay," exclusively confirmed it is in talks with "several strategic buyers" on Cheddar Tuesday.

The company added it has hired representation to run the process, and its investors and board support the sale.

While Co-Founder and CEO Ali Gates would not reveal names, he said the company has "been having some interesting conversations."

"We think there's a huge opportunity within sort of the transaction commerce industry as well as the social media industry," Gates told Cheddar. "Most people describe us as that 'eBay meets Snapchat.' They look at us as this sort of social marketplace. And we like to think that we are the social marketplace."

Those who download the app are able to use video, pictures, and chat to buy, sell, or give away merchandise. Since it was founded in 2016, Claim It! has reached three million downloads and $100 million in transactions.

"We've created so many really cool, innovative ways for customers and fans and friends to sort of exchange, share, connect. And so these interactive experiences have drawn some interest from some huge partners."

Money magazine named Claim It! one of 20 money-saving apps in October 2018.

For Gates, what sets Claim It! apart from other marketplaces is its features.

"A lot of these peer-to-peer apps are one dimensional," Gates said. "So we like to think that we're introducing something new in addition to the buying and selling."

For full interview click here.