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Australia’s Afterpay records $29bn Square buyout helped by Kardashian
- Monday | 2nd August, 2021
Kardashian’s recommendation in 2018 helped Afterpay, which has agreed to a record $29 billion buyout by Square, the payments firm of Twitter founder Jack Dorsey, crack the US market. Molnar, 31, sold jewellery from his bedroom while studying commerce at the University of Sydney, and he and Melbourne-headquartered Afterpay co-founder Anthony Eisen were neighbours. Alongside Eisen, he was ranked fifth richest among Australian executive directors, the Australian Financial Review reported in July. Due to its low dollar value loans and its appeal to shoppers, Afterpay says it has lower default rates than other consumer loan methods. In 2019 Australia’s anti-money laundering agency ordered an independent audit of Afterpay, citing “concerns with its compliance” and the rapid growth of buy now, pay later.
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