Nick Molnar & Anthony Eisen, the Duo Helping Millennials Buy Now, Pay Later
The sale of Afterpay to Jack Dorsey’s Square (now Block) for $29 billion—announced in August, expected to be completed early next year—will make it the largest in Australian corporate history.
Nick Molnar and Anthony Eisen
Photographers: Joe Maher/BFC/Getty Images, Don Arnold/WireImage/Getty Images
As a teenager in Sydney, Molnar started an online jewelry business from his bedroom and quickly became one of EBay’s top jewelry vendors in Australia. After a short-lived attempt to work in finance—a hiring manager at a venture capital firm told him to focus on his entrepreneurial side hustles—he founded Afterpay in 2014 with Eisen, his neighbor at the time. He wanted to increase conversion rates: As a jewelry seller, Molnar saw how often people put items in their cart without completing the transaction.
Afterpay offered a 21st century twist on an older method of letting shoppers buy stuff without spending the full purchase price upfront: installments. Now offered by more than 100,000 retailers globally, Afterpay lets users pay 25% upfront and then the remaining 75% in biweekly, interest-free chunks; revenue comes through commissions from merchants and late fees.