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Medici Bank
The Medici Bank was a transnational commercial banking network run by the Medici family of Florence in the 14th–15th centuries, founded in 1397 by Gi…
Timeline
- 1397–1430Florence · FlorenceGiovanni di Bicci founded the Medici Bank in Florence, establishing a transnational exchange and credit network through branches in Rome, Venice, Bruges, London, and elsewhere, accumulating enormous wealth for the family.
- 1431–1440Florence · FlorenceAfter being exiled in 1433 and returning in 1434, Cosimo de' Medici used bank profits to fund civic works and the arts; the bank became the financial hub and symbol of international credit for Florence's de facto ruler.
- 1441–1494Florence · FlorenceUnder Lorenzo de' Medici the bank network reached its zenith, but overseas branches accumulated risk; the French invasion of 1494 and the family's exile brought the banking system down, marking the end of the early modern family banking model.
Sources
- The Medici: Godfathers of the Renaissance — Paul Strathern (2005)
- Medici Money: Banking, Metaphysics, and Art in Fifteenth-Century Florence — Tim Parks (2005)