Minneapolis fintech company Sezzle Inc. on Tuesday confirmed it’s in merger talks with Australian “buy now, pay later” (BNPL) company Zip Co Ltd.

But details on the discussions remain sparse, and no definitive agreement has been reached between parties, according to a Tuesday statement issued by Sezzle.

Publicly traded in Australia but based in Minneapolis, Sezzle offers an installment payment platform that allows customers to buy products immediately and then pay them off over six weeks. The process doesn’t involve credit.

BNPL stocks soared early into the pandemic, Reuters reported. Stocks have fallen since with United States and Australia customers deterred by possible interest rate hikes. Zip has been making deals over the last year to compete with its rivals.

The largest BNPL companies in the arena include Klarna, PayPal, AfterPay, and Affirm.

Zip acquired New York-based Quadpay in 2020, according to Fintech Futures.

Sezzle, with its headquarters located in Minneapolis, went public in Australia in July 2019 and became a certified B Corporation in March of 2021. The company says its technology is designed to “financially empower the next generation.”

When Sezzle first went public, the company said Australian investors were more familiar with its BNPL platform. But the company appears to be betting that the trend will catch on in the United States. In an April of 2021 announcement on the Australian Stock Exchange, Sezzle said it intended to “file a registration statement with the Securities and Exchange Commission for a proposed initial public offering of common stock in the United States.”

In an email to TCB, Sezzle CEO Charlie Youakim said he couldn’t comment further on what the potential merger would mean for its Minneapolis headquarters and operations, or the potential IPO in the U.S.

The Tuesday announcement of merger discussions stated Sezzle will continue to update the market “to the extent required pursuant to applicable continuous disclosure obligations.”