The Bank of the Medici Family the Money and the Power that Promoted the Renaissance in Florence

The dynasty of the Medici was governing Florence for three centuries. During this period Florence reached its maximum importance by becoming one of the most influental cities in Europe.

medici family florence

The Medici were the most important of the Florentine dynasties. Despite the fact, that the origins of this family are shrouded in mystery, it is thought that this great family is from Mugello, but there are no absolute certainties.

The rise of the dynasty of the Medici started thanks to the economic fortunes of the first members. Their main activities were trade, but more important was the banking business. Bankink business was just developing in Florence and becoming one of the most important economic activities of the time.

The Medici were not the first Florentine families to practice banking activities, but the great banking crisis of the fourteenth century in Florence caused a simultaneous collapse of many institutions. The first Florentine families who practiced banking were the Bardi, Peruzzi and Acciuoli.

After the serious economic collapse of the fourteenth century was the Alberti family to excel in this area but the success of this new family ended tumultuously with the revolt of Ciompi when Alberti were banished from the city of Florence.

So it was after these events, that the de Medici family was able to impose itself by bringing in their banking activities Florence. And soon the city became the most important financial centers of the Renaissance. The gap that was created in the banking sector after the collapse was filled by Florentine families of the Rucellai, Pazzi, Strozzi and especially by the Medici that began an incontestable ascent both in banking and in the politics.

medici family

The Bank of Medici Family were quick to open branches in Venice, Rome, Naples, Milan, Bruges, London, Barcelona, ​​Paris, Geneva, Basel and other major cities in Europe. They were able to build connections immediately with the sovereigns and the great European nobility. Their customers were powerful and influential people from all over Europe: princes, ministers, cardinals, bishops, generals and great merchants.

The Medici, thanks to their banking activities not only accumulated enormous wealth, but also managed to create strong relationships with the most powerful and influential people of the time. This combination of power that allowed the Medici family to become rulers over the city of Florence.

Medici were also skilled promoters of themselves by financing the works of great value and beauty, not only in Florence, but in many cities in which they exercised their activity.

Even the Medici banking activities suffered severe economic crisis due to insolvency of some major debtors including England, yet the family had managed to weave solid relations with the Vatican so much so that some family members became popes. This solid relationship with the Vatican allowed the Medici dynasty to continue to rule over Florence until 1737, when due to lack of heirs the Lorraine took over.