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40 of Tomorrow: Afterpay’s Nick Molnar

The idea of paying later is paying off now for Nick Molnar. As chief executive officer and cofounder of Afterpay, Molnar has already been a source of massive change on the Australian retail scene. The three-year-old Melbourne-based company — which helps shoppers pay in four interest-free installments — already processes a quarter of all e-commerce orders in beauty and fashion in Australia. Now, the company is expanding in the U.S., where it launched in May, and is working with more than 1,000 retailers online (each web site is counted as one retailer). The service works with ThirdLove, Urban Outfitters Inc., Superga, KKW Beauty, Revolve and more. Afterpay has said that brands using its installment system have seen conversion rates and incremental sales rise by 20 to 30 percent. To keep growth up, Molnar is focusing on the Millennial consumer — a demographic he said does not want to go into debt and is keen to link their Afterpay account to their debit cards, not their credit cards. The ceo noted that Millennials will control half of all disposable income in seven years and that the retail market can engage this cohort through payments. “They’re not young anymore,” Molnar said. “They’re the ones that are driving retail. We

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