Even before news of Apple's acquisition of fingerprint scanning company AuthenTec could take effect among technology enthusiasts, news of Apple considering another company, The Fancy, a growing e-commerce related Social Network is gathering pace.

Apparently, the site is backed by cofounders of Twitter and Facebook, the Business Insider has reported.

There is no signed deal and no guarantee one will happen, the Business Insider has reported, stating numbers are not available on the price Apple has proposed to pay for The Fancy and how recently talks were held.

The main objective behind the consideration appears to be securing a role for Apple in the growing e-Commerce market. The move is likely to bring 400 million-plus users with credit cards on to Apple's iTunes Store and facilitate shopping, with Apple getting a cut in the transaction.

The Fancy, a relatively unknown firm until now, is led by Cofounder and CEO Joe Einhorn. Twitter Cofounder Jack Dorsey, Facebook Cofounder Chris Hughes, LeRoy Kim of Allen & Co. and James Pallotta, owner of the Boston Celtics, comprise the Board Members.

Apparently, Einhorn and Apple CEO Tim Cook met up at Allen & Co.'s Sun Valley Conference earlier this year. Soon after the meeting, Cook was seen trying out The Fancy's services. But once reports about Apple considering The Fancy spread like wildfire, Cook's account was no longer visible.

The Fancy is based in New York with 20 staff members. A company description about the service reads: "Fancy is part store, blog, magazine and wishlist. It's a place to discover great stuff, to curate a collection of things you love, to get updates on your favorite brands and stores and to share your discoveries. Use it to create a catalog of your favorite things around the web and around the world. When you find something you love somewhere on the web, Fancy it."

The Fancy is popularly known as a competitor of Pinterest and it is based on premise of network where users can "fancy" products, clothes, places, and more. Users can purchase what they "fancy" or view them on the site. In some instances, the online purchases come at a discount.