(Updates with details and background from paragraph 2 onwards)
Aug 2 (Reuters) - Ayala Corp (AC.PS) , one of the Philippines’ largest conglomerates, said on Friday it had acquired an additional 8% stake in startup Globe Fintech Innovations, popularly known as Mynt, for 22.9 billion pesos ($393.07 million).
Mynt, which is a mobile financial services firm and the parent company of fintech app GCash, is a joint venture between Alibaba’s (9988.HK) Ant Group (688688.SS) , Ayala and communications firm Globe Telecom (GLO.PS) .
Mynt received investments from Ayala and Japan’s biggest banking group Mitsubishi UFJ Financial (8306.T) , GCash said in a statement.
The investments from both parties lifted Mynt’s valuation to $5 billion, up from $2 billion as per its last funding round in 2021, according to the fintech app.
As of 2023, Mynt recorded 6.7 billion pesos of net income.
($1 = 58.2600 Philippine pesos)

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Philippine conglomerate Ayala Corp has acquired an additional 8% stake in fintech firm Mynt for $393.07 million. Mynt, the parent company of GCash, is a joint venture between Ayala, Alibaba's Ant Group, and Globe Telecom. The investments have raised Mynt's valuation to $5 billion.

- Ayala Corp acquired an additional 8% stake in Mynt, a mobile financial services firm, for 22.9 billion pesos.
- Mynt, the parent company of GCash, is a joint venture involving Alibaba's Ant Group, Ayala, and Globe Telecom.
- Investments from Ayala and Mitsubishi UFJ Financial raised Mynt's valuation to $5 billion, with a recorded net income of 6.7 billion pesos in 2023.

Philippine conglomerate Ayala acquires another 8% stake in Mynt