Nick Molnar | |
---|---|
Born | Nicholas Molnar February 1990 (age 34) [1] |
Nationality | Australian |
Education | Moriah College |
Alma mater | University of Sydney |
Occupation | FinTech entrepreneur |
Known for | Co-founder of Afterpay |
Spouse | Gabrielle Molnar (m. 2015) |
Children | 2 |
Nick Molnar (born February 1990) is an Australian entrepreneur who is the co-founder of Afterpay. [2]
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]
He graduated with a Bachelor of Commerce from the University of Sydney. [5]
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]
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 ]
In July 2022, Business Insider Magazine stated that Molnar was the youngest Australian "self-made" billionaire. [16] In 2021, Molnar was selected as a Bloomberg New Economy Catalyst. [17] As of May 2023 [update] , The Australian Financial Review assessed Molnar's net worth at A$1.26 billion on the 2023 Rich List. [18]
Year | Financial Review Rich List | Forbes Australia's 50 Richest | ||
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Rank | Net worth (A$) | Rank | Net worth (US$) | |
2020 [19] | 50 | $1.86 billion | ||
2021 [20] | 38 | $2.67 billion | ||
2022 | 90 | $1.50 billion | ||
2023 [18] | 111 | $1.26 billion |
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