Career
While other family members, such as Chiarissimo di Giambuono de' Medici, who served in the Signoria in 1201, and Salvestro de' Medici, who was implicated in the Ciompi Revolt of 1378, are historically significant, Giovanni's founding of the family bank truly began the family's rise to power in Florence. He was the father of Cosimo de' Medici (Pater Patriae), great-grandfather of Lorenzo de' Medici (the Magnificent) and great-great-great-grandfather of Cosimo I de' Medici, Grand Duke of Tuscany. Giovanni di Bicci de' Medici was born in Florence, the son of Averardo de' Medici and Jacopa Spini.
Giovanni was somewhat uninterested in politics, unless the issues pertained to his family or bank. Often when his name was put forward to participate in the Florentine government (reggimento), he chose to pay the fine rather than serve, although he did serve one term as Gonfaloniere. Giovanni was at the head of an early "multi-national" company, as the family bank, his main commercial interest, had branches throughout the northern Italian city-states and beyond.
In 1414, Giovanni bet on the return of the papacy to Rome, and was correct. Rewarding Giovanni for his support, the Pope gave Giovanni's general manager control of the Apostolic Chamber. Subsequent popes made use of the Medici banks.
Giovanni was also rewarded with tax-farming contracts and the rights to many alum mines. He set his family on the path to becoming one of the richest dynasties in Europe, thereby making an essential stride towards its later cultural and political eminence. One way in which he laid the groundwork for this was by marrying Piccarda Bueri, whose family was old and respectable and who brought a dowry.
When he died, he was one of the richest men in Florence, as shown by his tax report of 1429.