Meet Nicholas Molnar, the man behind the Afterpay phenomenon

Summary

  • According to the Young Australians Rich list, Afterpay CEO Nicholas Molnar is the youngest billionaire in Australian history.
  • His co-project Afterpay has gained national recognition and also expanded to the US market.
  • Mr Molnar’s net worth is estimated at A$2 billion (October 2020).                                                 

Nick Molnar is a serial entrepreneur who became Australia’s youngest self-made billionaire at the age of 30.

Mr Molnar earnt his fortune by co-creating Afterpay Limited (ASX:APT), the most popular buy now pay later service in Australia.

RELATED: Nick Molnar Returns As Afterpay (ASX: APT) CEO

On 10 December 2020, APT shares ended the session at A$96.180. The stock has generated a massive 233.15% return in the last year.

How did Mr Molnar enter the entrepreneurship world?

Having realised that he had a talent for coming up with business ideas, Mr Molnar began persuading his entrepreneurship career from his early days.

The Molnar family has been in the jewellery business for three decades, so he was no stranger when it came to business schemes.

When Mr Molnar was a young teenager, he persuaded his father to take a flight to the US and convince a famous jeweller to provide his products for sale on eBay in Australia. Once the US jewellery maker accepted the offer, Mr Molnar turned the brand into the most sold jewellery brand on eBay, under the name Iceonline.com.au.

Armed with the expertise from his family business and a clear marketing strategy, Mr Molnar was catapulted to the star status in the online retail industry, owning one of the most successful e-commerce businesses in Australia.

After high school, Mr Molnar attended Sydney University, gaining a Bachelor of Commerce degree.

        Image Source: Shutterstock

Mr Molnar and Afterpay

Mr Molnar’s most significant business idea was Afterpay.

Together with his neighbour Anthony Eisen, the pair launched the BNPL business in 2014.

The app does not require paying the full product price immediately but prolongs the payment up to six weeks. Mr Molnar got the business idea when he was managing Iceonline.com.au, and his customers were provided with a chance of splitting the bill into more payments.

With the Afterpay creation, Mr Molnar and Mr Eisen changed the world of fintech in the Asian-Pacific area, attracting almost 900,000 customers and around 6,000 retailers to participate in the financial revolution.

DO READ: Nick Molnar appointed as Afterpay’s co-CEO and Managing Director

In 2016, just a couple of years after its launch, the two CEOs made the BNPL service public by listing Afterpay on the ASX. At that time, Afterpay’s market capitalisation was estimated at A$123 million.

Where is Mr Molnar today?

Mr Molnar is still active at Afterpay as its CEO, after he left the role in 2019 to be Afterpay Global Chief Revenue Officer.

Currently, Mr Molnar resides in San Francisco, the US, as the BNPL app has expanded to the American soil.

INTERESTING READ: Why do Millennials love Buy Now, Pay Later?

Comment


Disclaimer