His journey began with his family’s jewelry store in Sydney, Australia. He then co-founded that billion-dollar fintech company, reminding the world of the astounding entrepreneurial spirit and innovative thinking found among our nation’s immigrants. At only 35 years old, Molnar’s career is already an impressive example of the change that hard work and ingenuity can create.
Growing up in her immigrant family’s jewelry business, Molnar was immersed in the complexities of entrepreneurship from a very young age. While there, he cultivated his entrepreneurial spirit, but at first chose a more traditional career path. Looking for stability and security, he took a corporate job instead of jumping immediately into the startup world.
In 2011, he took the plunge and joined Australian venture capital firm, M.H. Carnegie & Co. His initial impact was immediate. Mark Carnegie, the firm’s founder, had been a mentor to Molnar. Through his mentorship, Molnar found in the Chamber not only a career, but a fierce protector of his entrepreneurial aspirations. Carnegie saw that promise and gave Molnar the support—and most importantly, the freedom—to be invaluable. Most famously, he told Molnar, “I’ll save your job for a year to give you the confidence you need to be an entrepreneur.” Then he concluded, “After you leave, you can never return.” This reassurance would go on to become a major inflection point in Molnar’s career.
Encouraged by Carnegie’s message, Molnar went ahead and made the jump to entrepreneurship in 2012. From there, Owen left M.H. Carnegie & Co. to commit himself fulltime to his long-time enterprise. He jumped into the deep end of the new online retail by starting a jewelry business. This mission created about AUD$ 2M (more than USD$2M) in annual revenue. This was another early success that showed he could spot a need in the market and provide a solution.
It was in 2014 that Molnar really hit his stride by co-founding Afterpay with neighbor Anthony Eisen. The concept itself came from a very acute perspective of millennials’ financial behavior and what they’re looking for. This is where Molnar saw his opportunity. As a consumer himself, he understood the need for a more flexible payment solution that allows people to make purchases without the burden of paying for it all at once. Afterpay’s simple, consumer-friendly approach to the buy now, pay later spread like wildfire amongst younger shoppers.
In 2020, under Molnar’s leadership, Afterpay boomed, becoming one of the most well-known fintech brands. The company thrived as it tapped into the evolving landscape of consumer finance, catering specifically to a demographic increasingly seeking alternative spending solutions.
Back in August 2021, Afterpay hit a historic landmark. In 2019, it was purchased by Jack Dorsey’s fintech company, Square, which has since renamed itself Block. The acquisition agreement topped an incredible $29 billion. With this enormous investment, Afterpay becomes even more embedded in its position as a leader in the financial technology sector.
Though Afterpay has been an extraordinary success, that was not the end of Molnar’s remarkable entrepreneurial journey. Today, he runs a second business that brings in about $450,000 a year. This magical business is dedicated entirely to banana pudding. This surprising shift from his previous projects showcases Molnar’s versatility and desire to tap into different markets.
Molnar’s story is a model for the resilience and innovation that drive entrepreneurship. He is able to identify opportunities, pivot quickly and efficiently. This talent has not only propelled his own success, but helped define the entire fintech landscape. Today, he keeps his eyes on the intersection of consumer needs and innovative solutions, and as a first-mover on both fronts.