Mexican conglomerate Femsa is cutting jobs at its Spin fintech unit, the company confirmed Friday. The move underscores a strategic shift to prioritize its Oxxo convenience store network.
While Femsa did not disclose how many positions are being eliminated, a spokesperson said the reductions are concentrated in support functions and do not affect customer operations. Bloomberg reported that hundreds of jobs were cut across multiple divisions, including Spin.
Launched in 2021, Spin offers a digital wallet for payments and financial services, aligning with Femsa’s push to integrate fintech into its cash-heavy retail ecosystem. However, in its latest earnings report, Femsa delayed plans to apply for a banking license, citing the need for stronger momentum in consumer credit.
The company also announced it will no longer pursue third-party partnerships for its Premia loyalty program, which operates through the Spin platform. The changes reflect a broader consolidation within Femsa’s non-core businesses.