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c.1397–1737

No family has contributed more to the development of medieval banking than the Medici.

Established in c.1397 and based in Florence, at their height in the 15^th century the Medici family operated the largest bank in Europe, and were Europe's wealthiest family. With their great wealth came great power; the Medici's rose to become highly influential in Italy and later throughout Europe. The family produced four Popes and two regent Queens of France.

So respected was the ‘Medici Bank' that they acted as private bankers for most European royalty and nobility, and at one point the currency issued by their bank was accepted tender throughout mainland Europe. In 1413 Giovanni di Bicci de'Medici was appointed banker to the Pope.

With their great wealth, the Medici family became the single biggest sponsor of art and architecture in history, mainly early and High Renaissance. Michelangelo, Donatello, Fra Angelico, Leonardo Da Vinci and Raphael were all funded by the Medici family during their careers.

However, as the bank expanded throughout Europe, the Medici Bank found many of its high net-worth clients to often prove unreliable. Their London bank, for example, was forced to shut in 1478 following its loans to Edward IV who became unable to repay his loans following the Wars of the Roses.

After a series of mismanagements by successive Medici heirs, the eventual fall of the Medici Bank came in the late 15^th century, when the Medici family's fiscal problems became so severe that they began raiding Florence's state treasuries, at one point defrauding the ‘Monte delle Dote', a national charitable fund.