FEMSA Eyes Banking License as Spin by OXXO Grows Rapidly

FEMSA, the parent company of Spin by OXXO, has announced its intention to apply for a banking license in the coming months as part of its strategy to expand its financial services business.

“To build a complete ecosystem with the necessary digital tools, we have identified the need to offer financial services. For this, we will apply for a banking license soon,” said José Antonio Fernández Carbajal, FEMSA’s CEO and chairman of the board.

The company is evaluating potential partnerships with financial institutions, focusing initially on complementing its existing services rather than issuing credit.

Spin, FEMSA’s financial solutions unit, currently includes the Spin by OXXO digital wallet, the Spin Premia loyalty program, and Spin Negocios, which supports businesses with services like NetPay and OXXO PAY.

As of December 2024, Spin by OXXO reported 13.1 million active users and processed an average of 63.2 million monthly transactions.

“We are exploring collaboration with a financial institution to responsibly manage the credit side of this business while continuing to prioritize digital payment innovation,” Fernández Carbajal noted.

During FEMSA’s fourth-quarter earnings call, Fernández Carbajal highlighted that the banking license initiative remains in its early stages and that significant investments in credit issuance are not planned at this time.

The company is also enhancing its remittance services by deploying advanced checkout technologies to securely manage higher transaction volumes. These upgrades are expected to be implemented in over 3,000 OXXO stores by the end of the year.

“With the accessibility of our stores, we see continued growth in this segment. At the same time, we are preparing for a future where digital payment technologies will be essential,” Fernández Carbajal said.