Aug 2 (Reuters) - Ayala Corp, 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 Ant Group, Ayala and communications firm Globe Telecom.

Mynt received investments from Ayala and Japan's biggest banking group Mitsubishi UFJ Financial, 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) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)