MEXICO CITY – Mexican retail and beverage conglomerate Femsa announced Friday that it is reducing its workforce at Spin, the company’s financial technology subsidiary that operates a digital payment application introduced in 2021.
While Femsa declined to specify how many jobs are being eliminated, a company representative explained that the workforce reduction is part of a strategic restructuring designed to concentrate more resources on its Oxxo convenience store operations.
“This process has primarily focused on support functions, without impacting operations for our customers,” the company said in a statement.
Earlier Friday, Bloomberg had reported that several hundred jobs were cut at Spin as part of broader workforce reductions affecting multiple business units within the corporate group.
Mexico has seen significant growth in financial technology firms providing digital payment solutions in recent years. Femsa, widely recognized for its extensive network of Oxxo retail locations, has worked to integrate digital financial services with its traditional cash-heavy retail operations, where customers frequently handle bill payments and money transfers.
During its most recent quarterly earnings announcement, Femsa revealed plans to postpone pursuing a banking license until its consumer lending services show stronger performance. The company also indicated it would discontinue seeking external partnerships for its Premia customer rewards program, which operates through the Spin platform.
