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Oxxo, the Mexican convenience store chain, has experienced unprecedented growth in its fintech named Spin. Over the past year, the user base of this financial platform doubled, reaching an impressive figure of 8.8 million customers by the end of September. This number is a remarkable increase of 105.8% compared to the 4.3 million users it had in 2022.
The financial report released by Femsa, Oxxo’s parent company, sheds more light on these achievements. Between July and September of this year, Spin attracted 1.2 million new users. The fintech increased its user base by 4.5 million, demonstrating a steady monthly growth rate of 6.2%.
A telling data point from the report is the percentage of active users. Of the total customers who joined Spin, 72.5%, or about 6.38 million, are users who frequently use the application. This statistic not only shows the interest in the fintech but also indicates the trust and value users see in the platform’s offered services.
Beyond user numbers, activity within the platform has also grown. Monthly transactions saw a 15.6% rise during the third quarter, averaging 41.8 million monthly transactions. This figure reflects the level of engagement and the growing reliance of customers on Spin’s services.
Oxxo, aware of the importance of retaining and rewarding its customers, also features a loyalty program called Spin Premia. The numbers for this program are equally impressive. During the last quarter, Spin Premia attracted 3.8 million new users, totaling 36.6 million by the end of September.
Comparing these figures to the 22 million users it had the previous year, the program has grown 66% within a year. Moreover, Spin Premia’s compounded monthly growth rate stands at 4.3%. Of these, 48.3% are active users who regularly participate and benefit from the program’s advantages, per company-provided data.
