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Dropbox Inc has reportedly filed for an initial public offering (IPO) of up to $500m with the US Securities and Exchange Commission according to Reuters.

The data-sharing company in its regulatory filing reported 2017 revenue of $1.11bn, up 31% from $844.8m a year earlier. The company’s net loss narrowed to $111.7m in 2017 from $210.2m in 2016.

Box's chief executive officer Aaron Levie told Reuters: "The company’s biggest challenge is explaining to Wall Street what differentiates Dropbox from its many competitors. If Dropbox continues to focus on their user experience, they’ll be able to compete successfully for consumers and professionals,”

Dropbox  faces fierce competition from Alphabet Inc’s, Google, Microsoft Corp Amazon.com and Box Inc.

The Drum earlier spoke with Dropbox's chief marketing officer Carolyn Feinstein about its platform, Paper and disrupting agency models.