12th–15th centuriesReputable sourceWell documented
Banking and Credit in Medieval Europe
On the timeline · around 12th–15th centuries · Paper Money and Banking
What happened
A commercial revolution transformed medieval Europe. Booming trade demanded new tools: bills of exchange that let merchants move value without carrying coins, letters of credit, maritime insurance, and shares in ventures. Great banking families — above all the Medici of Florence — grew rich financing kings, popes, and long-distance trade.
Why it matters
These medieval and Renaissance innovations in credit and banking created the foundations of modern finance, allowing capital to flow across Europe and helping fund everything from cathedrals to the art of the Renaissance.
Sources
- World History Encyclopedia. Trade in Medieval Europe · Reputable source
Related timelines
- The Renaissance → — The banking wealth that helped fund the Renaissance