Reddit, the popular social news aggregator, is expanding north of the border, establishing a Canadian presence to tap online advertising dollars in one of its most popular user bases. 

The company announced Monday that it will open an office in downtown Toronto, calling the new space a “long-term investment” it plans to make in Canada.

“Canada is already home to a deeply engaged Reddit audience that is growing steadily by the day and it is a top priority for us and our internationalization strategy,” Jen Wong, the company’s chief operating officer, said in a news release.

Reddit is a social news aggregation and discussion website that hosts more than 52 million daily active users, the news release said. Canada is home to Reddit’s third largest user base, following the U.S. and U.K. The website was founded in 2005 and is headquartered in San Francisco, Calif.

The company said the Toronto team will work with Canadian brands and marketers, establishing programs for community engagement. Hiring details for positions out of the Toronto office, including a country manager, will be announced in the coming weeks, the company said.

The move comes after Reddit hired Drew Vollero, its first chief financial officer that has fuelled speculation that it will soon seek an initial public offering and take advantage of a red-hot environment for tech stocks.  

In the fall of 2020, the company said it will give employees, with some exceptions, the flexibility to work outside of offices going forward. At the time, the company said U.S. employees will be paid the same, based on high-cost locations such as New York City or San Francisco.