Femsa Axes Spin Fintech Jobs for Oxxo Stores

Femsa, a prominent Mexican retailer and bottler, has initiated layoffs within its fintech division, Spin. This move is part of a new strategy to place greater emphasis on its well-known Oxxo convenience store network.

The company has not specified the total number of job cuts, but a spokesperson indicated that these changes target support functions and will not impact day-to-day customer operations. The decision comes as Femsa reassesses its digital financial services, a sector that has seen considerable growth in Mexico.

Earlier reports suggested hundreds of positions could be affected across various divisions of the conglomerate. Femsa, widely recognized for its Oxxo brand, aims to integrate its digital wallet services with its substantial brick-and-mortar business, which heavily relies on cash transactions.

In a recent earnings report, Femsa also announced a delay in its application for a banking license, pending improved momentum in its consumer credit services. The company will also cease seeking external partners for its Premia loyalty platform, which is accessible via Spin.