Nick Molnar Explained

Nick Molnar
Birth Name:Nicholas Molnar
Nationality:Australian
Occupation:FinTech entrepreneur
Known For:Co-founder of Afterpay
Education:Moriah College
Alma Mater:University of Sydney
Children:2

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

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 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. 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.

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 29 billion (39 billion) which was completed on 31 January 2022.[5] [6] [7] Molnar and Eisen received 2.7 billion in Square stock for their Afterpay shares and, post-settlement, they jointly led Afterpay’s merchant and consumer businesses inside Square.[8]

Personal life

In November 2015, Molnar married Gabrielle[9] and they have two children. In 2020 Nick and Gabrielle Molnar purchased a property for approximately 27 million; and subsequently acquired an adjoining property the following year for 18.5 million.[10] [11] In November 2022 it was reported that Molnar was intending to sell an 864m2 Los Angeles apartment for 43 million;[12] that was subsequently sold to Rihanna for 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], The Australian Financial Review assessed Molnar's net worth at 1.26 billion on the 2023 Rich List.

YearFinancial Review
Rich List		Forbes
Australia's 50 Richest
RankNet worth RankNet worth
2020[16]
2021[17] $2.67 billion
2022$1.50 billion
2023[18] $1.26 billion
Legend
Icon Description
Has not changed from the previous year
Has increased from the previous year
Has decreased from the previous year

Notes and References

  1. News: How this 30-year-old became Australia's youngest self-made billionaire during the pandemic . Karen . Gilchrist . 7 December 2020 . .
  2. Web site: A breakthrough business that's changing how we shop . . 26 March 2018 . 23 May 2021 .
  3. News: Kauflin . Jeff . How A 28-Year-Old Turned Layaway For Millennials Into A Billion-Dollar Business . 20 July 2023 . n.d. . Forbes . en.
  4. News: 28 May 2021 . #1,750: Nick Molnar . 28 May 2021 . Billionaires 2021 . .
  5. News: Shapiro, Jonathan . Eyers, James . 'Perfect partner': Square buys Afterpay in $39b deal . . Australia . 2 August 2021 . 2 August 2021.
  6. Square, Inc. Announces Plans to Acquire Afterpay, Strengthening and Enabling Further Integration Between its Seller and Cash App Ecosystems . . 2 August 2021 . 2 August 2021.
  7. Web site: Peters . Jay . 1 August 2021 . Square to buy Afterpay, which offers a 'buy now, pay later' service, for $29 billion in stock . 2 August 2021 . The Verge.
  8. Block, Inc. Completes Acquisition of Afterpay . Block, Inc. . 31 January 2022.
  9. News: Afterpay boss Nick Molnar spends $10 million in North Bondi . Daily Telegraph . 8 December 2020 . 10 August 2023 . urban.com.au .
  10. News: Macken, Lucy . Afterpay's Nick Molnar makes like a billionaire, buys block next door for $18.5m . Domain.com.au . Nine Publishing . 20 March 2021 . 10 August 2023 .
  11. News: Macken, Lucy . Australia's youngest billionaire buys entire block of flats next door . . Australia . 22 March 2021 . 10 August 2023 .
  12. News: Molloy, Shannon . Aussie billionaire Nick Molnar offloading luxury $43 million Los Angeles penthouse . realestate.com.au . 1 November 2022 . 10 August 2023 .
  13. News: MacSmith, James . Rihanna buys $31m Los Angeles home from Aussie tech guru . Daily Telegraph . Australia . 19 April 2023 . 10 August 2023 .
  14. News: Nick Molnar is Australia's youngest self-made billionaire at just 30 years old, as Afterpay continues its remarkable stock market tear . https://web.archive.org/web/20200702150427/https://www.businessinsider.com.au/afterpay-nick-molnar-anthony-eisen-net-worth-net-worth-2020-7 . dead . 2 July 2020 . Jack . Derwin . 2 July 2020 . Business Insider Australia.
  15. Web site: Nick Molnar . Bloomberg New Economy Catalysts 2021 . . 2021 . 10 August 2023 .
  16. News: The full list: Australia's wealthiest 200 revealed . subscription . . Nine Publishing . 30 October 2020 . Bailey, Michael . Sprague, Julie-anne . 31 October 2020 .
  17. News: Bailey, Michael . Sprague, Julie-anne . The 200 richest people in Australia revealed . . 27 May 2021 . 28 May 2021.
  18. News: Bailey, Michael . Sprague, Julie-anne . The 200 richest people in Australia revealed . . 26 May 2023 . 6 June 2023.

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