Oxxo vs Bancos _1661951206415 - LkIn

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Ricardo Macias
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Latinometrics 45,678 followers 5d • Edited •

5 days ago

Spin by Oxxo has reached 3M customers in 2 quarters, a number that took Nubank three years to reach

In the LatAm Fintech race, Nu is the current winner. Its rate of growth has been nothing short of amazing: In
less than ten years after its founding, the company has surpassed some of the biggest banks in the world in
terms of the number of users, including HSBC and BNP Paribas (founded in 1850 and 1822, respectively),
becoming the largest of the so-called neobanks in the world. Now, none other than Mexico's Oxxo is on track to
break some of Nu's records.

Oxxo, the Mexican convenience store with a bigger presence than some of the world's most prominent chains, is
now one of LatAm's fastest-growing Fintech companies. By leveraging its more than 20K locations and its
well-recognized and trusted brand, the company is adding users to its Spin debit card at an unprecedented rate.
In just 2 quarters, Spin has surpassed 3M users. For perspective, it took Nu 15 quarters to reach the same
number of users.

Mexicans had relied on Oxxo for transactions like deposits and e-commerce purchase payments for some time
already. In December, FEMSA, Oxxo's parent company, got more serious about becoming a bank and spun off
its Fintech division — FEMSA Digital. Digital@FEMSA's offering goes beyond Spin; it includes OXXO
Premia, a rewards Program (itself now has 15M users) that allows customers to collect points and redeem them
for free products and discounts.

Whereas Nubank had to work diligently to build a brand and earn customer trust, Spin by Oxxo was born with
both. Advertising is being blasted (at minimal cost to the company) to the 13M people that shop at Oxxos daily.
Spin holds a key advantage over the fintech startups that have competed to penetrate Mexico's substantial
unbanked population — retail space.

Physical shops might be the right approach to acquire customers into the digital banking space successfully.
Mexican supermarket chain Grupo Chedraui pioneered that approach with its own fintech, Bankaya.
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