Afterpay co-founder Nick Molnar reinstated at the fintech’s helm

Afterpay co-founder Nick Molnar has been reinstated as CEO and managing director of the growing fintech.

He will share the position with fellow co-founder Anthony Eisen.

Molnar stepped down as CEO in 2019 to take on the role of global chief revenue officer.

The shuffle has been pitched as a way to ensure the listed tech company has strong leadership both domestically and internationally as it continues to expand rapidly.

Molnar will be based in San Francisco, while Eisen will be based in Sydney.

“As Afterpay continues to expand globally … it is important to have an appropriate level of oversight, executive prominence and presence both internationally and domestically,” said Afterpay chair Elana Rubin in a statement on Tuesday.

Molnar and Eisen “will continue to share responsibility for executing our strategy and their performance will be measured on the same key objectives”. 

In his chair’s address at Afterpay’s annual general meeting on Thursday, Molnar reflected on the company’s recent expansion efforts, including launching into Canada in August. 

“We have had a solid start with a number of large merchants now live, integrating or signed,” he said.

Molnar discussed the $82.3 million acquisition of Spanish fintech Pagantis, saying it opens doors for Afterpay to “launch into Spain, France and Italy immediately and creates a glidepath to other countries in the European Union”.

He also said Afterpay’s expansion plans in Southeast Asia “are also progressing with a base now established in Singapore”.

The news of his reappointment as CEO is not the only time Molnar has made headlines in the past month. 

Two weeks ago, he featured in 50th position on The Australian Financial Review’s 2020 Rich List, a leap from 194th place last year. 

In 2019, Molnar had a wealth of $487 million, but as of October this year, that figure had jumped to $1.86 billion, according to the list. This makes him Australia’s youngest self-made billionaire.