Globe Fintech Innovations, also known as Mynt, secured new investments from Ayala Corp and Mitsubishi UFJ Financial Group (MUFG), which parent Globe Telecom claims boosts its valuation to $5 billion.

The reported valuation is more than double what it was at the company’s last funding round in 2021.

In a statement, Ayala explained it acquired an additional 8 per cent stake in Mynt, which operates mobile payment GCash app in the Philippines, taking the conglomerate’s ownership to 13 per cent.

MUFG noted in a separate statement it plans to invest $393 million in Mynt for an 8 per cent stake.

Mynt is a joint venture between Globe Telecom (35 per cent interest), Alibaba’s Ant Group (34 per cent) and Ayala. It booked PHP6.7 billion ($115 million) of net income in 2023.

In June, MUFG invested $195 million in Ascend Money, the fintech arm of Thailand’s Charoen Pokphand Group.