Background on FEMSA and OXXO
FEMSA, a Mexican multinational beverage and consumer goods company, owns OXXO, a chain of convenience stores offering financial services. Martín Arias, FEMSA’s Chief Financial Officer, announced that the company will postpone its bank license application for OXXO by one year.
Reasons for the Delay
The decision stems from FEMSA’s intention to consolidate its credit division and maximize the use of data from its financial platform, Spin by OXXO. Arias explained that they aim to establish a more robust credit base before venturing into full-fledged banking operations.
- Focus on Credit Division: FEMSA will prioritize its credit division, investing between $20 to $30 million in new projects and tests over the next year.
- Data Utilization: The company intends to leverage its data more effectively to succeed in the credit sector before applying for a full banking license.
- Gradual Financing Increase: FEMSA does not plan to significantly accelerate its financing speed through the credit business compared to previous rates.
Timeline and Future Plans
FEMSA expects to share more details in February 2026, after completing the re-onboarding phase for Spin and evaluating its credit trial performance.
In February 2025, FEMSA announced its intention to apply for a banking license to boost and diversify its financial services business. The initial plan did not include immediate credit offerings but rather complementary financial services to its existing model.
Through its Spin business unit, FEMSA offers digital solutions and financial services such as the Spin by OXXO digital wallet, Spin Premia loyalty program, and Spin Negocios, which provides various options for businesses like NetPay and OXXO PAY.
Performance of Spin by OXXO
Spin by OXXO reported 9.9 million active users in Q3 2025, marking a 20.5% increase compared to the same period in 2024. Spin Premia had 27.7 million active users, representing a 16.4% growth during the comparison period.
- User Growth: Spin by OXXO added 0.8 million users in Q3 2025, reaching a total of 15.3 million users from July to September 2025, compared to 12.5 million users during the same period in 2024.
- Annual and Monthly Growth Rates:
- Annual Growth Rate: 22.3%
- Monthly Compounded Growth Rate: 1.7%
Key Questions and Answers
- What is the reason for FEMSA delaying its bank license application for OXXO? FEMSA aims to strengthen its credit division and maximize data usage from Spin by OXXO before applying for a full banking license.
- How much will FEMSA invest in new credit projects and tests? FEMSA plans to invest between $20 to $30 million in new credit projects and tests over the next year.
- When can we expect more details about FEMSA’s banking license plans? FEMSA expects to share more information in February 2026, after completing the re-onboarding phase for Spin and evaluating credit trial performance.
- What are the current user numbers for Spin by OXXO and Spin Premia?
- Spin by OXXO: 15.3 million active users (Jul-Sep 2025)
- Spin Premia: 27.7 million active users (loyalty program)
- What are the annual and monthly growth rates for Spin by OXXO?
- Annual Growth Rate: 22.3%
- Monthly Compounded Growth Rate: 1.7%
