Nick Molnar

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]

He graduated with a Bachelor of Commerce from the University of Sydney.[5]

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.[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] Eisen subsequently exited the business; while Molnar became Block's global head of sales.[11]

Personal life

In November 2015, Molnar married Gabrielle[12] and they have two children. In 2020 Nick and Gabrielle Molnar purchased a property for approximately A$27 million; and subsequently acquired an adjoining property the following year for A$18.5 million.[13][14] In November 2022 it was reported that Molnar was intending to sell an 864 m2 Los Angeles apartment for A$43 million;[15] that was subsequently sold to Rihanna for A$31 million.[16] Molnar also owns a 6.3 ha rural property with three dwellings, located in .[17] Molnar is Jewish.[18]