Spin by Oxxo was born with the idea of transforming the more than 24 thousand convenience stores into a key point for financial services. Their proposal sought to attract workers in the informal economy, offering access to payments, loans and loyalty programs.
However, although the application managed to attract millions of users, the result was not reflected in greater traffic to Oxxo stores. This disconnection between digital growth and physical impact led Femsa to rethink its fintech strategy.
Restructuring and cuts
Femsa’s new management decided to reduce Spin’s scope, replace its top manager, and reintegrate the unit into the corporate structure. Additionally, efforts to obtain a banking license were suspended and partnerships for its loyalty program were paused.
These adjustments are part of a broader cut that affected approximately 1,300 positions in different divisions of the company, including retail and bottling. The measure seeks to optimize costs and consolidate operations in an increasingly competitive environment.
Competition in the fintech market
The fintech ecosystem in Mexico has become increasingly challenging. Companies like MercadoLibre, Nu Holdings and Revolut have gained ground with solid proposals and robust financing, offering attractive alternatives for consumers.
Added to this are giants such as Walmart de México and traditional banks that are launching their own digital wallets. Although Oxxo has an unparalleled physical presence, Spin has failed to consolidate a compelling value proposition against rivals with more experience in the financial sector.
Regional and future impact
Spin’s reduction shows how difficult it is for large corporations to compete in the Mexican fintech sector. Femsa’s commitment to integrating the physical and the digital is still valid, but now with a more cautious and selective approach.
At the same time, this experience reflects how startups and corporations in Latin America must quickly adapt to a constantly evolving financial market. The ability to adjust strategies and maintain user trust will be key to defining who manages to consolidate in the region.
