Nick Molnar

Last updated

Nick Molnar
Born
Nicholas Molnar

1990 (age 33–34)
NationalityAustralian
Education Moriah College
Alma mater University of Sydney
Occupation FinTech entrepreneur
Known forCo-founder of Afterpay
Spouse
Gabrielle Molnar
​
(m. 2015)​
Children2

Nick Molnar is an Australian entrepreneur who is the co-founder of Afterpay. [1]

Contents

Early life and education

While attending Sydney's Moriah College, [2] 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. [3]

He graduated with a Bachelor of Commerce from the University of Sydney. [4]

Afterpay

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. [3] 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. [3]

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. [5] [6] [7] 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. [5] [8]

Personal life

In November 2015, Molnar married Gabrielle [9] 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. [10] [11] 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; [12] that was subsequently sold to Rihanna for A$31 million. [13] Molnar is Jewish.

Net worth

In July 2022, Business Insider Magazine stated that Molnar was the youngest Australian "self-made" billionaire. [14] In 2021, Molnar was selected as a Bloomberg New Economy Catalyst. [15] As of May 2023, The Australian Financial Review assessed Molnar's net worth at A$1.26 billion on the 2023 Rich List. [16]

Year Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth (A$)Rank Net worth (US$)
2020 [17] 50Decrease2.svg$1.86  billion Decrease2.svg
2021 [18] 38Increase2.svg$2.67 billion Increase2.svg
202290Decrease2.svg$1.50 billion Decrease2.svg
2023 [16] 111Decrease2.svg$1.26 billion Decrease2.svg
Legend
Icon Description
Steady2.svgHas not changed from the previous year
Increase2.svgHas increased from the previous year
Decrease2.svgHas decreased from the previous year

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References

  1. ↑ Gilchrist, Karen (7 December 2020). "How this 30-year-old became Australia's youngest self-made billionaire during the pandemic". CNBC .
  2. ↑ "A breakthrough business that's changing how we shop". The University of Sydney. 26 March 2018. Retrieved 23 May 2021.
  3. 1 2 3 Kauflin, Jeff (n.d.). "How A 28-Year-Old Turned Layaway For Millennials Into A Billion-Dollar Business". Forbes. Retrieved 20 July 2023.
  4. ↑ "#1,750: Nick Molnar". Billionaires 2021. Forbes Asia. 28 May 2021. Retrieved 28 May 2021.
  5. 1 2 Shapiro, Jonathan; Eyers, James (2 August 2021). "'Perfect partner': Square buys Afterpay in $39b deal". Financial Review . Australia. Retrieved 2 August 2021.
  6. ↑ "Square, Inc. Announces Plans to Acquire Afterpay, Strengthening and Enabling Further Integration Between its Seller and Cash App Ecosystems" (Press release). Square, Inc. 2 August 2021. Retrieved 2 August 2021.
  7. ↑ Peters, Jay (1 August 2021). "Square to buy Afterpay, which offers a 'buy now, pay later' service, for $29 billion in stock". The Verge. Retrieved 2 August 2021.
  8. ↑ "Block, Inc. Completes Acquisition of Afterpay" (Press release). Block, Inc. 31 January 2022.
  9. ↑ "Afterpay boss Nick Molnar spends $10 million in North Bondi". Daily Telegraph. 8 December 2020. Retrieved 10 August 2023– via urban.com.au.
  10. ↑ Macken, Lucy (20 March 2021). "Afterpay's Nick Molnar makes like a billionaire, buys block next door for $18.5m". Domain.com.au. Nine Publishing. Retrieved 10 August 2023.
  11. ↑ Macken, Lucy (22 March 2021). "Australia's youngest billionaire buys entire block of flats next door". Financial Review . Australia. Retrieved 10 August 2023.
  12. ↑ Molloy, Shannon (1 November 2022). "Aussie billionaire Nick Molnar offloading luxury $43 million Los Angeles penthouse". realestate.com.au. Retrieved 10 August 2023.
  13. ↑ MacSmith, James (19 April 2023). "Rihanna buys $31m Los Angeles home from Aussie tech guru". Daily Telegraph. Australia. Retrieved 10 August 2023.
  14. ↑ Derwin, Jack (2 July 2020). "Nick Molnar is Australia's youngest self-made billionaire at just 30 years old, as Afterpay continues its remarkable stock market tear". Business Insider Australia.
  15. ↑ "Nick Molnar". Bloomberg New Economy Catalysts 2021. Bloomberg. 2021. Retrieved 10 August 2023.
  16. 1 2 Bailey, Michael; Sprague, Julie-anne (26 May 2023). "The 200 richest people in Australia revealed". Australian Financial Review . Retrieved 6 June 2023.
  17. ↑ Bailey, Michael; Sprague, Julie-anne (30 October 2020). "The full list: Australia's wealthiest 200 revealed" . The Australian Financial Review . Nine Publishing. Retrieved 31 October 2020.
  18. ↑ Bailey, Michael; Sprague, Julie-anne (27 May 2021). "The 200 richest people in Australia revealed". Australian Financial Review . Retrieved 28 May 2021.


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