Fomento Económico Mexicano (Femsa) has laid off hundreds of workers at its fintech unit Spin by Oxxo, as part of cuts across divisions. The move aims to adjust expenses under new leadership. Spin has failed to boost Oxxo store traffic despite gaining customers.
Femsa, one of Mexico's largest retail chains, has cut hundreds of positions at Spin by Oxxo, its digital financial services platform accessible at Oxxo stores. Sources say these layoffs are part of about 1,300 across divisions like retail and Coca-Cola Femsa bottling, driven by new CEO José Antonio Fernández Garza-Lagüera to control expenses since last November. In Spin, around 250 employees were notified starting February 19 via HR emails and Slack chat removals, per Miranda Partners estimates and insiders. Femsa provided no specific Spin figures but stressed it is Mexico's largest private employer with 263,000 workers, up 9% from 2021, and cuts mainly hit support roles in a “natural evolution” for agility. The company aims for tighter integration between Oxxo's physical growth and Spin's digital capabilities to enhance customer experience. Founded in 2021 and restructured five times in three years, Spin offers a digital wallet, app, Visa card, and Spin Premia loyalty program. It reported 16 million users (65% active) and 63.1 million in Spin Premia (44% active), but has not boosted store traffic, which fell 0.6% in Q4 2025. Fernández Garza-Lagüera called it a “phenomenal fintech” yet below expectations. Its scope was reduced, banking license pursuit paused, and it was folded into the corporate structure. Analysts like Gilberto García of Miranda Partners cite a lack of compelling value proposition in a competitive market with MercadoLibre, Nu Holdings, and Revolut, plus high regulatory costs. Femsa targets the informal economy wary of traditional banking.
