There were more than 20 city-states in Renaissance Italy, each having a functioning government that also issued its own currency for each city-state. Back in Renaissance Italy it was a considerable task converting the money that was used in trading wool. There were many bankers, converting, loaning money. The principal of bankers were the Medici family of Florence, they increased their wealth by money by making fortunes and charging for their services. 
Cosimo de Medici, was one of the leaders who made Florence become the center of trading. It had been said that Cosimo de Medici had assisted the Florence trading center to assemble a total amount of $4 million, through his international banking techniques. Cosimo de Medici was not an government official, although he influenced many people in other Italian city-states such as Milan, Venice and Rome to make a great deal about politics and social/public life.
Renaissance grew as a powerful wool trading, Florence remained powerful due to the Medici family, who maintained the city's strength by working in banking and making profits through international banking techniques.
Significant Developments/ Effects f the Renaissance religion and culture
Significant developments (architecture)
During the Renaissance, art and architecture became unified in Italy on the 15th century.
The dome of Florence Cathedral was considered the first example of Renaissance finest architecture. This dome was the largest dome built since the Pantheon in Ancient Rome, which has been created and formed 1500 years earlier. The gold ball at the top of the dome weighs nearly two tons by itself. It has been calculated that it took over 4 million bricks to construct the dome. The dome of Florence Cathedral inspired many people during Renaissance Italy to invent new ways and methods on lifting substantial objects into different locations, which would be used to create and construct other architectural structures. [12,13]
Cultural/ Religion effects
The Renaissance affected a great cultural change throughout the whole of Europe. The Renaissance mainly effected how scholars gained there education, due to the rediscovery of Greek Latin text and Latin Literature. [14,15]
Religion during Renaissance Italy mainly focused on humanism and human concerns. Religions in Renaissance Italy gave many citizens new beliefs in their lives. Citizens viewed images of what could enhance their personal beliefs and faith. People during the Renaissance Italy had also developed new ideas to benefit them first, then benefit the society, and also to improve standards of living.[14,15]
During 13th and early 14th century, mainly in Florence and other Italian city-states, had grown on humanism experience and perceptions. By this time many citizens living in the city-states began speaking in 'Vernacular'. For the first time Franciscans and Dominicans had been set new religious rules/orders.[14,15]
Summary (Significant developments and religion affection)
The Renaissance Italy saw many significant developments, mainly 'humanism'. Humanism affected the education and teaching for scholars during this time as well influencing people during Renaissance Italy taking literature and art to high levels.