New Medici Bank to harness technology to “reawaken” innovative spirit
A descendant of the original Medici banking family has launched a digital bank, Medici Bank, in Puerto Rico, reports Martin Whybrow.
Co-founders are Prince Lorenzo de’ Medici and Ed Boyle, former Fidor Bank Americas managing director. The fully-licensed, US chartered bank will target international businesses and family offices.
Medici Bank is promising “convenient, transparent, and easy-to-use services for customers that need a fast, secure banking option”. It was “born out of frustration with the current financial services landscape”. It will use a modern technology base – as yet unspecified – and will seek to be faster, lower-cost and more transparent than incumbent banks.
De’ Medici hopes the new bank will be a “reawakening” of the innovative spirit of his 14th century Florentine predecessors. He says: “We are reimagining modern-day banking by leveraging technology that creates seamless, digital customer experiences and expands financial opportunity across global markets.” He will lead business development and strategic partnerships; Boyle will be CEO. Boyle has also worked at American Express and Blade Payments.
Among the technologies the new Medici bank is hoping to harness is blockchain.
Boyle says: “We prioritise the needs of digitally-native businesses and address the friction and inefficiencies that exist with established banking options. We are building Medici Bank from the ground up, not reliant on aged infrastructures nor as an overlay on traditional banks. This is uncommon, especially in the United States where licensed challenger bank options are few and far between.”