IN what will be the largest corporate transaction in Australian history, Moriah College alumnus Nick Molnar (pictured) and his business partner Anthony Eisen are set to sell their buy-now-pay-later company Afterpay for $39 billion.
US fintech giant Square, whose CEO is Twitter co-founder Jack Dorsey, announced on Monday it had agreed to purchase the company in the first quarter of 2022.
“I couldn’t be more excited to share [this] incredible milestone for Afterpay,” Molnar enthused. “This partnership brings together two of the fastest growing fintech companies in the world.”
He added, “This is a really significant moment for the Australian tech sector, which we believe will further connect our emerging tech sector to Silicon Valley, and it’s amazing to see Australian innovation and entrepreneurship recognised on this global level.”
Molnar and Eisen, who were former neighbours in Sydney’s east, launched Afterpay, which is the leader in the buy now, pay later sector, in 2014. They will stay on at the company.
While a student at Moriah, Molnar worked in the family jewellery business.
“I was always entrepreneurial, trying to come up with a way to trade my next product and make a dollar,” he said. “I was importing and selling headphones from Japan when I was at school. There was always something.”
Molnar’s former Information Processes and Technology (IPT) teacher at Moriah, Stephanie Schwarz, told The AJN, “It is wonderful to see how Nick was able to use what was discussed in the classroom and add his own sophisticated business flair and talent to it, to achieve this remarkable outcome.
“It is always so satisfying to see the remarkable successes of our past students.”