Spin is the combination of two parallel phenomena in Latin American business. On the one hand, this debit card is part of the region’s booming fintech landscape, where Brazil’s Nu reigns supreme thanks to its growth rate, which has allowed it to surpass giants like HSBC and BNP Paribas in terms of customer numbers in less than ten years.

But Spin is also affiliated with Oxxo, the convenience store chain owned by Mexico’s Femsa that has expanded aggressively throughout the Americas and is now entering Europe. Spin is part of Femsa Digital, a division that was spun off from Femsa in December 2021 to manage its fintech businesses.

What's striking is that Spin's growth rate could break Nu's records. Leveraging the more than 20,000 Oxxo stores operating in Mexico and its strong brand presence in the market, Spin is gaining users at lightning speed: in just three quarters, it surpassed 3 million users—a milestone that took Nu 15 quarters to reach.

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