Mexican retailer Femsa is laying off workers at its fintech unit Spin, which launched a digital wallet app in 2021. The company declined to disclose the number of positions being eliminated, stating the move is part of a strategic shift to prioritise its Oxxo convenience store chain. Bloomberg reported that hundreds of positions were cut at Spin as part of wider layoffs across the conglomerate. Femsa said the reductions primarily affected support functions without impacting customer operations. In its fourth-quarter earnings report, Femsa announced it was delaying its banking licence application until seeing more momentum in consumer credit services. The company also said it would no longer seek third-party partners for its Premia loyalty platform available through Spin.

Mexico's Femsa cuts workers at Spin fintech division. 21 Mar 2026 07:33AM (Updated: 21 Mar 2026 07:38AM) Add CNA as a trusted source to help Google better understand and surface our content in search results. MEXICO CITY, March 20: Mexican retailer and bottler Femsa said on Friday it is laying off workers in its fintech unit Spin, which launched a digital wallet app for payments and financial transactions in 2021. Femsa did not disclose the number of positions that it is eliminating, but a spokesperson said the move is part of a new phase meant to prioritize its chain of Oxxo convenience stores. "This process has primarily focused on support functions, without impacting operations for our customers," the company said in a statement. Bloomberg reported earlier on Friday that hundreds of positions were eliminated at Spin as part of wider layoffs across several divisions of the conglomerate. A number of fintech companies offering digital wallet services have sprung up in Mexico in recent years. Femsa, best known for its ubiquitous Oxxo stores, has aimed to merge the area with its brick-and-mortar consumer business, which runs a great deal on cash, and where shoppers can also pay bills and transfer money. In its fourth-quarter earnings report, Femsa said it was delaying its application for a banking license until it saw more momentum in its consumer credit services. It added it will no longer seek third-party partners for the Premia loyalty platform available through Spin.