According to Sky News, Monzo is in advanced talks to issue fresh shares to the Government Investment Corporation (GIC) of the Asian city-state.

The broadcaster was informed by city sources that the announcement of the neobank's latest funding round top-up might occur in the upcoming weeks.

In its most recent fundraising round, Monzo, an app-only bank, raised $5 billion. Alphabet-owned Capital G led the deal, which also included participation from Google Ventures, HongShan Capital, and longtime backers Passion Capital and Tencent.

After Monzo announced more than nine million personal account customers—making it the seventh-largest retail bank in the UK in terms of customer count—the funding came after the company's transition to profitability.