Nick Molnar (born February 1990) is an Australian entrepreneur who is the co-founder of Afterpay.[2]
Early life and education
While attending Sydney's Moriah College,[3] as a student, Molnar began selling jewellery on eBay, ultimately becoming the top Australia jewellery seller on the site. Molnar persuaded Ice.com, a U.S. online jeweler to let him launch iceonline.com.au. He eventually grew the business to A$2 million in annual revenue.[4]
In 2014, Molnar began working with Anthony Eisen to develop Afterpay, a consumer lending company that would allow consumers to purchase items up to $1000 and pay in four interest-free instalments.[4] Late charges would accrue beginning after a payment is missed, with interest and fees capped at 25% of an item's price. Retailers are charged 4-6% for every transaction.[4]
In August 2021 Afterpay and Square, Inc. (later renamed Block, Inc. in December 2021), a digital payments company, announced they had entered into arrangements for Square to acquire Afterpay for US$29 billion (A$39 billion) which was completed on 31 January 2022.[6][7][8][9] Molnar and Eisen received US$2.7 billion in Square stock for their Afterpay shares and, post-settlement, they jointly led Afterpay’s merchant and consumer businesses inside Square.[6][10]
Personal life
In November 2015, Molnar married Gabrielle[11] and they have two children. In 2020 Nick and Gabrielle Molnar purchased a North Bondi property for approximately A$27 million; and subsequently acquired an adjoining property the following year for A$18.5 million.[12][13] In November 2022 it was reported that Molnar was intending to sell an 864-square-metre (9,300 sq ft) Los Angeles apartment for A$43 million;[14] that was subsequently sold to Rihanna for A$31 million.[15] Molnar is Jewish.[citation needed]
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