By Brazil Stock Guide – Nubank launched a public counteroffensive this week after Brazil’s banking lobby used its annual luncheon to criticize regulatory asymmetry and implicitly blame lax supervision for the collapse of Banco Master. The fintech responded with a data-heavy advertorial on InvestNews — a platform it finances — and a personal post from founder David Vélez defending its tax burden, efficiency and role in financial inclusion.
Fintech Moves to Regain Narrative Control
The campaign argues that Nubank was the largest payer of income and social-contribution taxes among financial institutions in 2025 and that fintechs already face higher effective tax rates than traditional banks. It also highlights long-standing talking points: millions of first credit cards and bank accounts issued through the platform, lower fees, and broader competition reducing loan rates across the system.
Febraban’s Remarks Revived the Regulatory Fight
At its luncheon, Febraban’s leadership suggested — without naming names — that the Central Bank under former governor Roberto Campos Neto was not strict enough, an allusion to the Banco Master failure. Campos Neto’s arrival at Nubank shortly after leaving office intensified discomfort among incumbent banks and strengthened their campaign to raise the CSLL rate for digital lenders, even after MP 1303 expired without a vote.
Vélez Accuses Banks of Spreading “False Narratives”
In his post, Vélez said incumbents are distorting the debate to curb competition. He repeated the numbers on inclusion, efficiency and tax contribution and framed Nubank as outperforming traditional institutions both operationally and economically.
Political Battle Moves to Congress
Nubank’s rapid reaction shows the dispute has shifted from technical committees to open political confrontation. Traditional banks want symmetrical regulatory and tax treatment; fintechs argue they already pay more on an effective basis. With Campos Neto now in a strategic position at Nubank, the debate around taxation, supervision and competitive fairness is likely to intensify as Congress revisits proposals affecting the digital financial sector.
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