Medici Bank
About Medici Bank
The Medici Bank, founded in 1397, was the most respected bank in Renaissance Europe. Under Cosimo de Medici, the bank financed the rise of the Medici political dynasty in Florence. The bank pioneered international branch banking with operations across Europe. The Medici Bank used bills of exchange for international transfers, avoiding the physical transport of gold. The bank declined after the death of Lorenzo de Medici in 1492 and collapsed in 1494 when the Medici were expelled from Florence. The Medici Bank demonstrated that banking could be a path to political power. The family produced four popes and two queens of France.
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