Meet Nick Molnar: The man behind Afterpay's buy now, pay later platform, who sold it for $29 billion
didn't always know he was destined to become one of Australia's most successful entrepreneurs, in fact, for a while, he tried to avoid that path altogether, as per a report.
Nick Molnar's Unlikely Path from Jewelry Sales to Fintech Giant
Growing up in Sydney, Molnar was surrounded by business, his parents ran a jewelry store, and he learned early on what it meant to trade and work in retail, which gave him an early interest in entrepreneurship, according to a CNBC report.
The 35-year-old told CNBC, 'My parents being retail entrepreneurs always taught me the intricacies of how to trade, how to run in retail,' adding, 'So I do really feel retail is in my blood,' as quoted in the report.
As a teenager, he started selling jewelry from his family's business online, first on eBay, then through a dedicated website, according to the report. But despite that early success, Molnar wasn't convinced that building businesses was the right long-term plan, as per the CNBC report.
ALSO READ:
MSNBC to ditch its name and iconic peacock logo — say hello to MS Now this year
Live Events
He said, 'The universe told me that I should get a finance job given my commerce degree, my business degree, and so I really tried to make that a reality,' as quoted in the report.
That plan hit a strange snag, because recruiters kept pointing to the very thing he thought might hold him back: his jewelry business, according to the CNBC report. Molnar said that when he would apply for investment banking jobs and companies would see his jewelry business listed on his CV, they would ask why he would bother doing anything else, as reported by CNBC.
Molnar shared that, 'They'd say, 'Well, but why are you coming to get a job? You have a great business,'' adding, 'It's like this weird paradigm that the world told me to get a job. But actually the truth was, I should have been an entrepreneur, but I got the job,' as quoted in the report.
ALSO READ:
Trump mocked his clothes last time — now Zelensky's bringing a suit to the Oval office
A Push from Venture Capital Sparks a Turning Point
However, in 2011, Molnar joined the Australian venture capital firm M.H. Carnegie & Co, but instead of pushing him toward a corporate career, his boss, Mark Carnegie, encouraged the opposite, as per the CNBC report.
Carnegie would ask Molnar every morning how much jewelry he had sold, according to the report. At the time, Molnar's online business was generating more than 2 million Australian dollars a year, as per the CNBC report. One day, Carnegie asked him a simple question, asking what he would do if he gave him a million dollars to grow his jewelry business, according to the report.
Molnar revealed that, 'He really pushed me to be an entrepreneur,' and added that, 'He basically said to me, 'Look, I think you're wasted right now being at my company. I will save your job for a year to give you the confidence to go and be an entrepreneur, but you will never come back,'' as quoted in the CNBC report.
ALSO READ:
As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list?
Afterpay's Rise and Sold For $29 Billion
In 2012, he left the firm to focus on his business full-time, then Molnar soon teamed up with his neighbor, Anthony Eisen, as per the report. In 2014, they launched 'Afterpay', a buy now, pay later platform, a concept that was rare and unheard of in Australia at the time, according to the CNBC report.
It wasn't a guaranteed win and Molnar said many people warned him that the success rate for new businesses is 'really low,' as quoted in the report. He explained that buy now, pay later lenders are now fairly ubiquitous in retail, but back in 2014 they were rare, and virtually nonexistent in Australia, so Afterpay had to sell consumers on a new way to shop and spend, as reported by CNBC.
ALSO READ:
China's job crisis spurs bizarre trend: Young Chinese pay companies just to pretend they have a job — here's why
Molnar shared that, 'I knew millennials needed another option,' adding, 'Credit cards were not going to be the way they wanted to manage their spending, and each time I shared the vision and opportunity with people, I was more and more convinced that we had to bring the idea to life,' as quoted in the report.
He also revealed that, it took Carnegie's challenge and assurance for Molnar to take the leap, saying, 'Even though I feel like an entrepreneur through and through...it took the right people to give me the confidence,' as quoted by CNBC.
Molnar also highlighted that, 'I had nothing telling me 'no,' I had no past that was giving me muscle memory to say that like this shouldn't work,' adding, 'I think you make the wrong decision sometimes when you stop trusting your intuition — when you're swayed by moments in your life and your journey, that probably wouldn't have swayed you before,' as quoted in the report.
However, only seven years after the firm was launched, in August 2021, Afterpay was acquired by Jack Dorsey's fintech services company, Square, which was then rebranded to Block, as reported by CNBC. Block had bought Afterpay for $29 billion, as per the report.
FAQs
Who is
Nick Molnar
?
Nick Molnar is an Australian entrepreneur best known as the co-founder of Afterpay, a buy now, pay later platform, as per the CNBC report.
How did Afterpay start?
Nick teamed up with his neighbor, Anthony Eisen, and together they launched Afterpay in 2014, as per the CNBC report.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
iPhone 13 still rules, but Samsung's new threat could shatter Apple's grip on the market
Apple market share vs Samsung market share 2025: A recent report indicates that a significant 16.3% of iPhone users still use the iPhone 13, suggesting consumers prioritize value over frequent upgrades. Consequently, Apple's market share has seen a decline, with Samsung experiencing growth, particularly in the US due to its diverse pricing options and popular foldable phones. Tired of too many ads? Remove Ads Apple Fans Aren't Rushing to Upgrade iPhones Apple's Market Share Stalls as Samsung Surges Worldwide Tired of too many ads? Remove Ads Wider Pricing Options Give Samsung the Edge Apple Faces Innovation Pressure Amid Rising Competition Tired of too many ads? Remove Ads FAQs : Apple's commonly owned iPhone today is not the latest version, it's the iPhone 13, which was released back in 2021, as per a report. That says a lot about how consumers perceive value in upgrading, as it amounts to tweaks rather than overhauls, according to The Street on recent figures from Telemetry, 16.3% of all iPhone users in existence are using iPhone 13s, reported The Street. Even with new iPhones arriving annually, users seem reluctant to upgrade, likely due to the fact that the latest models don't feel like game-changers, as per the report. That level of sticking to older phones is setting the stage for competition, primarily, Samsung, according to The the second quarter of 2025, Apple shipped 44.8 million iPhones, down 2% from the same period last year. Samsung shipped 57.5 million phones, a 7% increase year over year, as per The Street READ: Social security windfall: Retirees could see up to $5,108 deposited this week - who qualifies for the payout That increase has moved Samsung to the top in world market share, while Apple's share remained unchanged at 16%, Samsung increased to 20%, reported The difference is even more stark in the US, Apple's home market share fell from 56% to 49%, while Samsung surged from 23% to 31%, according to the report. That momentum is largely due to high demand for Samsung's new foldables, such as the Galaxy Z Fold 7, which reportedly had 25% more preorders than any of its predecessors, as per The Street report. Samsung reports sales of the Fold 7 are close to 50% ahead of its last model, according to the READ: Meet Nick Molnar: The man behind Afterpay's buy now, pay later platform, who sold it for $29 billion A key reason Samsung is making headway is that it has a wide range of products at various price points, as per The Street. Senior Analyst at Omdia, Aaron West said that 'Samsung has refocused its strategy on 'smart volume,' aiming to profitably scale its mass market Galaxy A series while continuing to grow its premium models," as quoted in the instance, Galaxy A36 begins at $399.99, whereas the high-end Galaxy S35 costs $799.99, those options allow Samsung to cater to more customers, according to The Client Devices Vice President Francisco Jeronimo said that, 'Samsung was able to consolidate its market leadership and outperform the overall market, achieving strong growth in the quarter driven by the sales of its new Galaxy A36 and A56 products,' as quoted in the report. Jeronimo added, 'These new products introduce AI-enabled features to mid-range devices, which have been effectively used in retail stores to drive sales, as more consumers become curious about AI,' as quoted in The Street READ: Is Google's AI revolution a threat to website traffic for digital publishers? Here are strategies to stay ahead When Apple was led by founder Steve Jobs, it was known for a period of innovation that included the launch of the iPod, iPhone, and iPad, according to the report. But, since CEO Tim Cook took over, the tech giant has made fewer big splashes, instead focusing on smaller tweaks like better cameras rather than any massive changes, as per The popularly considered major iPhone launches include the iPhone 6 in 2014, which had a larger screen, and the iPhone X, which had an edge-to-edge display, according to the report. But after that, there have been changes under the hood with more powerful chips, but nothing has changed dramatically enough to cause a massive rush by Apple loyalists to upgrade, as reported by The lack of innovation contradicts Apple's long-time reputation for reshaping design and how consumers use and interact with its devices, according to the report. The recent iPhone also look very similar to the previous generations, and the company has yet to launch a foldable display like Samsung's, reported The Street. Even Apple's Intelligence features are not as up to the mark compared to Google's Gemini, found in Samsung smartphones running on Android, reported The READ: 10 must-change iOS 18.6 settings that'll make your iPhone feel like day one again Roughly 16.3% of iPhone users, according to Telemetry especially in the US, where Samsung's share rose to 31% while Apple's fell to 49%.
Time of India
2 hours ago
- Time of India
Social security windfall: Retirees could see up to $5,108 deposited this week - who qualifies for the payout
Social Security August 2025 payments : Millions of Americans who depend on Social Security will see their weekly payments this week, with some retired workers possibly receiving deposits of up to $5,108, the top benefit for people who waited until age 70 to start receiving, as per a report. Social Security Payments Arriving This Week The Social Security Administration (SSA) handles payments for more than 70 million recipients, such as retirees, disabled workers, and survivors of deceased wage earners, according to Newsweek. In order to process this huge volume of recipients, the agency distributes payments throughout the month, as per the report. This Wednesday, August 20, those who get retirement, spousal, or survivor benefits and have birthdays between the 11th and 20th of any month will receive their payments, as per the Newsweek report. ALSO READ: Meet Nick Molnar: The man behind Afterpay's buy now, pay later platform, who sold it for $29 billion How Much Can You Expect? Average vs. Maximum Benefit Breakdown On average, Social Security benefits were around $2,002 a month as of May 2025, according to the report. But what you get depends a lot on your lifetime earnings and when you start collecting, as per the Newsweek report. Live Events A SSA spokesperson explained that "The average Social Security benefit amount changes monthly," adding, "Social Security benefits are based on a worker's highest 35 years of earnings. As wages tend to rise over time, each new group of retirees raises the average benefit amount, since their benefit calculations typically reflect higher earnings," as quoted in the report. If you start at the earliest age of 62, you could get up to $2,831 per month, waiting until full retirement age of 67 years raises that to a maximum of $4,018, reported Newsweek. But if you hold off until age 70, you could receive the highest possible payout, $5,108 each month, according to the report. ALSO READ: MSNBC to ditch its name and iconic peacock logo — say hello to MS Now this year COLA Increase Coming in 2026: What Retirees Can Expect Social Security payments increase yearly to keep up with inflation through a cost-of-living adjustment, or COLA, as per the report. This year's increase was 2.5% and took effect in January 2025, according to Newsweek. The Senior Citizens League (TSCL), a nonprofit that tracks these adjustments, has raised its outlook for next year, it expects next year's COLA to be a bit higher, around 2.7% due to rising prices, reported Newsweek. TSCL executive director, Shannon Benton said "With the COLA announcement around the corner, seniors across America are holding their breath," as quoted in the report. Benton added that, "While a higher COLA would be welcome because their monthly benefits will increase, many will be disappointed. TSCL's research shows that many seniors believe the COLA does not adequately capture the inflation they experience," as quoted in the Newsweek report. The official COLA for 2026 will be announced by the SSA in October and would start showing up in payments from January, according to the report. ALSO READ: Giant Wyoming data center to guzzle 5x more power than residents, but the user remains secret Missed Your Check? Upcoming Social Security Payment Dates to Know If your payment doesn't arrive on August 20, there are more dates to watch for: August 27: Payments go out to those with birthdays between the 21st and 31st, as per Newsweek. August 29: Supplemental Security Income (SSI) payments will be sent early this month because September 1 is Labor Day, according to the report. If you don't get your payment when expected, it's best to wait three working days before contacting SSA to check, as per the Newsweek report. ALSO READ: 10 must-change iOS 18.6 settings that'll make your iPhone feel like day one again FAQs When will I get my Social Security check this month? If your birthday falls between the 11th and 20th, you'll receive your payment on Wednesday, August 20, as per the Newsweek report. What if I don't receive my payment on time? Wait three business days, then contact the SSA if the payment hasn't arrived, as per the Newsweek report.
Economic Times
3 hours ago
- Economic Times
Meet Nick Molnar: The man behind Afterpay's buy now, pay later platform, who sold it for $29 billion
Afterpay co-founder Nick Molnar, initially hesitant about entrepreneurship despite his family's retail background, found himself drawn back to business. Encouraged by a venture capitalist, he focused on his online jewelry sales before co-founding Afterpay with Anthony Eisen in 2014. The buy now, pay later platform's success led to its acquisition by Block for $29 billion in 2021. Tired of too many ads? Remove Ads Nick Molnar's Unlikely Path from Jewelry Sales to Fintech Giant Tired of too many ads? Remove Ads A Push from Venture Capital Sparks a Turning Point Tired of too many ads? Remove Ads Afterpay's Rise and Sold For $29 Billion FAQs didn't always know he was destined to become one of Australia's most successful entrepreneurs, in fact, for a while, he tried to avoid that path altogether, as per a up in Sydney, Molnar was surrounded by business, his parents ran a jewelry store, and he learned early on what it meant to trade and work in retail, which gave him an early interest in entrepreneurship, according to a CNBC 35-year-old told CNBC, 'My parents being retail entrepreneurs always taught me the intricacies of how to trade, how to run in retail,' adding, 'So I do really feel retail is in my blood,' as quoted in the a teenager, he started selling jewelry from his family's business online, first on eBay, then through a dedicated website, according to the report. But despite that early success, Molnar wasn't convinced that building businesses was the right long-term plan, as per the CNBC READ: MSNBC to ditch its name and iconic peacock logo — say hello to MS Now this year He said, 'The universe told me that I should get a finance job given my commerce degree, my business degree, and so I really tried to make that a reality,' as quoted in the plan hit a strange snag, because recruiters kept pointing to the very thing he thought might hold him back: his jewelry business, according to the CNBC report. Molnar said that when he would apply for investment banking jobs and companies would see his jewelry business listed on his CV, they would ask why he would bother doing anything else, as reported by shared that, 'They'd say, 'Well, but why are you coming to get a job? You have a great business,'' adding, 'It's like this weird paradigm that the world told me to get a job. But actually the truth was, I should have been an entrepreneur, but I got the job,' as quoted in the READ: Trump mocked his clothes last time — now Zelensky's bringing a suit to the Oval office However, in 2011, Molnar joined the Australian venture capital firm M.H. Carnegie & Co, but instead of pushing him toward a corporate career, his boss, Mark Carnegie, encouraged the opposite, as per the CNBC would ask Molnar every morning how much jewelry he had sold, according to the report. At the time, Molnar's online business was generating more than 2 million Australian dollars a year, as per the CNBC report. One day, Carnegie asked him a simple question, asking what he would do if he gave him a million dollars to grow his jewelry business, according to the revealed that, 'He really pushed me to be an entrepreneur,' and added that, 'He basically said to me, 'Look, I think you're wasted right now being at my company. I will save your job for a year to give you the confidence to go and be an entrepreneur, but you will never come back,'' as quoted in the CNBC READ: As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list? In 2012, he left the firm to focus on his business full-time, then Molnar soon teamed up with his neighbor, Anthony Eisen, as per the report. In 2014, they launched 'Afterpay', a buy now, pay later platform, a concept that was rare and unheard of in Australia at the time, according to the CNBC wasn't a guaranteed win and Molnar said many people warned him that the success rate for new businesses is 'really low,' as quoted in the report. He explained that buy now, pay later lenders are now fairly ubiquitous in retail, but back in 2014 they were rare, and virtually nonexistent in Australia, so Afterpay had to sell consumers on a new way to shop and spend, as reported by READ: China's job crisis spurs bizarre trend: Young Chinese pay companies just to pretend they have a job — here's why Molnar shared that, 'I knew millennials needed another option,' adding, 'Credit cards were not going to be the way they wanted to manage their spending, and each time I shared the vision and opportunity with people, I was more and more convinced that we had to bring the idea to life,' as quoted in the also revealed that, it took Carnegie's challenge and assurance for Molnar to take the leap, saying, 'Even though I feel like an entrepreneur through and took the right people to give me the confidence,' as quoted by also highlighted that, 'I had nothing telling me 'no,' I had no past that was giving me muscle memory to say that like this shouldn't work,' adding, 'I think you make the wrong decision sometimes when you stop trusting your intuition — when you're swayed by moments in your life and your journey, that probably wouldn't have swayed you before,' as quoted in the only seven years after the firm was launched, in August 2021, Afterpay was acquired by Jack Dorsey's fintech services company, Square, which was then rebranded to Block, as reported by CNBC. Block had bought Afterpay for $29 billion, as per the Molnar is an Australian entrepreneur best known as the co-founder of Afterpay, a buy now, pay later platform, as per the CNBC teamed up with his neighbor, Anthony Eisen, and together they launched Afterpay in 2014, as per the CNBC report.
