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Afterpay co-founder Nick Molnar's bold email that helped launch his billion dollar business

Australia's youngest billionaire and founder of buy-now-pay-later service Afterpay has revealed the bold email he sent to an American CEO as a university student - and how it kickstarted his career as an entrepreneur. 

Nick Molnar is worth a staggering $1.8billion at just 31 years old after launching the business with his former neighbour Anthony Eisen in 2014.

His net worth is expected to surge after it was announced on Monday that Afterpay would merge with US digital payments giant in a deal worth $39billion. 

In a speech given to the graduating class of Molnar's former university, the University of Sydney, he detailed how selling jewellery in his bedroom led to him becoming one of the most successful businessmen in the country. 

Nick Molnar (pictured with his wife Gabrielle) is worth a staggering $1.8billion at just 31-years-old after launching the business with his former neighbour Anthony Eisen in 2014

When he was in his second year of studying, Mr Molnar had sold the most jewellery on Ebay around Australia but admitted he felt he needed to get a job in a career like investment banking and leave being an entrepreneur behind. 

'That's what the world told me, get a normal job. Well, every investment bank in the country turned me down other than one where my neighbour at the time who had taken a liking to me helped me get a first round interview,' he said.

It was during that interview with investment banker Mark Carnegie from M. H. Carnegie & Co, that Mr Molnar was encouraged to see how far he could take his jewellery business.

He decided he needed to secure an online jeweller offshore and courageously sent an email to the CEO of one of the largest jewellers in the United States.

'It said something along the lines of: ''Hi Shmuel, Apologies for the cold email. For some context, my name is Nick Molnar, I am a 21 year old entrepreneur and I currently sell the most jewellery on eBay in Australia out of my bedroom'',' he said.

''I am coming to Las Vegas next week for the jewellery conference and if you are there too I would love to meet for a coffee. Kind regards, Nick''.' 

Mr Molnar was once selling jewellery from his bedroom before his Afterpay business took off

Mr Molnar emailed a highly successful American CEO as just a university student when he was trying to get his jewellery business off the ground

Mr Molnar said he didn't have a flight booked to Las Vegas at the time and was due to graduate the following week when he received a reply which read: ''Sounds great, see you on Monday''. 

He then went on to launch the leading American online jeweller, Ice.com, into the Australian market under local brand Iceonline.com.au. 

Mr Molnar previously said he owed the success of that venture to his 'entrepreneurial spirit', which later gave him the drive to launch Afterpay.

'I have had the most fortunate life and so much luck. But at the same time, I get punched in the guts every single day and it is all of my failures which I turned in to opportunities which in hindsight taught me the skills I needed to build Afterpay,' he said.

'It's only been 7 years since I took a spontaneous trip to Vegas and how did I know it would change my life.' 

Mr Molnar is now Australia's youngest billionaire with a net worth of $1.8billion

Failure, Mr Molnar says, is something that shouldn't be feared and often led him to another path which later turned into a success.

While writing his speech for the graduating class, Mr Molnar said he was on a flight from New York City to San Francisco and had just been rejected from a retailer he was hoping would use Afterpay.

'I had given my absolute all to this retailer and to hear the news was soul destroying,' he said.

'The amazing thing with how life works is that failure hurts but with hindsight it can make sense if you take it as a lesson.'  

Mr Molnar and his wife married in November in 2016, two years after the entrepreneur set up Afterpay. They are pictured together during a holiday in 2015

Hardworking seems to run in the family with Mr Molnar's father, Ron, amazingly spending his spare time driving his Volkswagen Golf for Uber around Sydney.

He took up ride sharing after selling a jewellery store he had run for three decades. 

'I don't come out straight away and say, 'Hey, I'm Nick Molnar's dad',' he earlier told Sixty Minutes reporter Liz Hayes. 

'I used to love getting new retailers in my car because I'd say to them, 'Do you have Afterpay?' and if they said, 'No', I was like a salesman for Afterpay.

'I'm the market research guy.' 

Ron Molnar was instrumental in Afterpay's birth.

Future co-founder Mr Eisen, an accountant by training, was putting out the bins one night when he encountered Ron, who suggested he give career advice to his son.

As a university student, Nick was often up very late at night selling jewellery on Ebay and Mr Eisen was initially suspicious.

Mr Molner enjoys a lavish lifestyle travelling around the globe with his wife Gabrielle (pictured together) when he is not busy working

'I thought there was a whole lot of not very good things going on next door,' Mr Eisen told the program.

That curiosity led to a corporate behemoth with a market capitalisation worth $27billion, based on a 21st century version of old-fashioned department store layby.

As an alternative to credit cards, Afterpay customers pay off goods worth up to $2,000 in four equal installments and only pay a late fee if they miss a payment.

The retailers pay Afterpay a commission, with the buy now, pay later company taking ownership of the merchandise until the consumer pays it off.

Unlike old-school department store layby, customers get their goods straightaway without having to wait until they have paid off the installments.

On Monday it was announced Afterpay will merge with US digital payments giant Square in a deal worth $39 billion.

The pair have entered into a scheme implementation deed under which Square will acquire all of the issued shares in Afterpay.

The transaction - which has been unanimously recommended by the Afterpay board barring no other superior offer emerging - is valued at $39 billion ($US29 billion) and will be paid in Square stock. 

Square said Afterpay would be integrated into its existing Seller and Cash App units, allowing merchants to offer buy now pay later (BNPL) options to customers at checkout.

Afterpay customers will be able to manage their instalment payments directly in Square's Cash App and Cash App customers will be able to look up merchants and BNPL options within the app.

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