Sky News is reporting that Monzo is in advanced negotiations to issue new shares to the Asian city-state’s Government Investment Corporation (GIC). City sources told the broadcaster that the top-up to the neobank’s recent funding round could be announced in the coming weeks. Monzo’s most recent funding round valued the app-only bank at $5 billion and was led by Alphabet-owned Capital G, with support from Google Ventures, HongShan Capital, as well as existing backers including Passion Capital and Tencent. The funding followed Monzo’s move to profitability as it reported more than nine million personal account customers, making it the 7th biggest retail bank in the UK by customer numbers.