Wattpad has raised $48 million in its Series C funding. The new capital will fuel the Canadian social reading platform's workforce expansion and product development, according to VentureBeat.

Chief executive officer (CEO) Allen Lau said of the company: "Our priorities haven't changed," he said. "We're committed to growing the Wattpad community and building a great platform for people to connect through stories. But now that our community and engagement numbers have grown exponentially ... we've begun to explore new paths to monetization, including branded content/native advertising and licensing."

The third financing brings Wattpad's total raised capital to $70 million. The company's previous investors also participated in this latest round. This is a sign that the firm is achieving its quota and that it is on its way to profitability, the report explained.

Wattpad claims its platform now has 25 million users --- twice its size last year. As of now, all its content is being contributed by writers for free. Those who do share their work aim to increase their audience. However, Lau said some changes may be implemented soon. Authors may soon receive compensation for their contributions, VentureBeat reported.