Femsa, Oxxo's owner, cuts workforce related to its fintech unit Spin
Published on March 23, 2026.
Femsa, one of Mexico's largest retail firms, is cutting hundreds of jobs at its fintech unit, Spin, as part of a strategic shift in its digital business. The move is part of about 1,300 lay-offs across various divisions of Femsa's business, including retail (Oxxo) and bottling (Coca-Cola). Spin, a digital wallet that allows users to deposit and withdraw cash at Oxxo convenience stores, was set to launch in 2021 with the aim of transforming Femsas' 24,000 stores into a provider of financial services for a population distrustful of traditional banking. However, Spin has only succeeded in attracting a banking base, leading Fema's new CEO to narrow the business's focus and integrate it into the parent company's corporate structure. The company has also postponed the application for a banking license.
Related Articles
Jury in landmark Meta, Google addiction trial having difficulty coming to consensus
The jury in the landmark case of Stepping Hill, involving a young woman addicted to social media, is struggling to reach a consensus over whether or not to proceed.
Apollo gives investors only 45% of requested withdrawals from $15 billion private credit fund
Apollo will limit investor withdrawals from its $15.1 billion private credit fund to just under half of requests, reflecting investor stress and competition from other players.
Boston Rolf - Back Bay, MA Patch
Joel Gheiler, a Guild Certified Rolf Practitioner, integrates structural elements into his work to improve posture, movement, and enhance performance for athletes.