The Afterpay app is seen on the screen of a mobile phone in a picture illustration taken August 2 2021. Picture: REUTERS/LOREN ELLIOTT
Afterpay’s rapid rise, which has culminated in Australia’s biggest-ever deal and powered its stock market to record highs, began when an eBay vendor noticed young people avoiding credit cards after the 2008 financial crisis. He and Eisen, a 49-year-old former fund manager who specialised in tech firms, will each pocket A$2.46bn from the Dorsey-led deal and stay on at the company.
Afterpay would take a cut of 4%-6% of the shelf price from the merchant, who would use its services to drive business. However, the ride to riches for Molnar and Eisen has not always been smooth as Afterpay came under regulatory scrutiny both in Australia and the US. Afterpay bagged a Tencent investment in May 2020, sparking a protracted run-up as investors aligned their portfolios with the Chinese online giant.
Yes it did, even the founders did say something like that.
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