Nick Molnar is an Australian entrepreneur who is the co-founder of Afterpay.[1]
Nick Molnar | |
|---|---|
| Born | Nicholas Molnar 1990 (age 33–34) |
| 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 |
Early life and education
editWhile 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
editIn 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
editIn 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
editIn 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[update], 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] | 50 
|
$1.86 billion
|
||
| 2021[18] | 38 
|
$2.67 billion
|
||
| 2022 | 90
|
$1.50 billion
|
||
| 2023[16] | 111
|
$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 |
References
edit- ^ Gilchrist, Karen (7 December 2020). "How this 30-year-old became Australia's youngest self-made billionaire during the pandemic". CNBC.
- ^ "A breakthrough business that's changing how we shop". The University of Sydney. 26 March 2018. Retrieved 23 May 2021.
- ^ a b c Kauflin, Jeff (n.d.). "How A 28-Year-Old Turned Layaway For Millennials Into A Billion-Dollar Business". Forbes. Retrieved 20 July 2023.
- ^ "#1,750: Nick Molnar". Billionaires 2021. Forbes Asia. 28 May 2021. Retrieved 28 May 2021.
- ^ a b Shapiro, Jonathan; Eyers, James (2 August 2021). "'Perfect partner': Square buys Afterpay in $39b deal". Financial Review. Australia. Retrieved 2 August 2021.
- ^ "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.
- ^ 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.
- ^ "Block, Inc. Completes Acquisition of Afterpay" (Press release). Block, Inc. 31 January 2022.
- ^ "Afterpay boss Nick Molnar spends $10 million in North Bondi". Daily Telegraph. 8 December 2020. Retrieved 10 August 2023 – via urban.com.au.
- ^ 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.
- ^ Macken, Lucy (22 March 2021). "Australia's youngest billionaire buys entire block of flats next door". Financial Review. Australia. Retrieved 10 August 2023.
- ^ Molloy, Shannon (1 November 2022). "Aussie billionaire Nick Molnar offloading luxury $43 million Los Angeles penthouse". realestate.com.au. Retrieved 10 August 2023.
- ^ MacSmith, James (19 April 2023). "Rihanna buys $31m Los Angeles home from Aussie tech guru". Daily Telegraph. Australia. Retrieved 10 August 2023.
- ^ 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. Archived from the original on 2 July 2020.
- ^ "Nick Molnar". Bloomberg New Economy Catalysts 2021. Bloomberg. 2021. Retrieved 10 August 2023.
- ^ a b Bailey, Michael; Sprague, Julie-anne (26 May 2023). "The 200 richest people in Australia revealed". Australian Financial Review. Retrieved 6 June 2023.
- ^ 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.
- ^ 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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