The First Bankers: House of Medici

The Medici were one of the most influential and important families in the history of the world. They are known for their impact on Renaissance and the politics of Florence for nearly 300 years. This Italian banking family was one of the richest families in Italy, and also in Europe. Its influence is still felt in Florence, and this family gained its ruling power through wealth in a different way compared to the other familes.

The Medicis immigrated to Florence from Tuscany in the 12th century. Even before their becoming dominant, they were still one of the upper-class families. They are the first bankers in history. Firstly, Giovanni Medici took over his uncle's bank, later on by moving to Florence, he founded the Medici Bank. After his death, his descendants Cosimo and Lorenzo maintained the banking system. Especially Cosimo Medici caused his family a golden age by spreading the Medici Bank across Europe. They had a direct relation to the Pope and the Church as well, thus, the Medici family ruled Florence unchecked for nearly 30 years. At that time, there were rival families such as the Albizzi and Pazzi but somehow the Medici achived to overcome its rivals.

Cosimo Medici made great contributions to art and education, and he died in 1464. After Pierro's 5 years of ruling, his son Lorenzo became the next ruler. The rival families intended to kill Lorenzo and his brother Guiliano in a church. Although Loranzo survived, they killed Guiliano Medici. Like his grandfather, Loranzo Medici also contributed to the Renaissance by supporting significant artists like Leonardo Da Vinci, Michelangelo and Sandro Botticelli.

After Lorenzo de' Medici's death in 1492, his son Piero de' Medici was overthrown in 1494. The Medici were exiled but returned to power in 1512. Under Cosimo I, the family became Grand Dukes of Tuscany in 1569. The dynasty declined in the 17th century and ended with Gian Gastone's death in 1737, after which the Grand Duchy passed to the House of Lorraine. After Lorenzo, the Medici family didn't fund art and education anymore, but during Cosimo and Lorenzo Medici's ruling, Florence flourished in terms of art and culture. The family's patronage led to the creation of iconic works and architectural landmarks, including the construction of the Uffizi Gallery and the completion of the Florence Cathedral's dome by Brunelleschi. 

If you would like to learn more about this incredible era and the Medici's fascinating story, you can watch the TV series called Medici: Masters of Florence.