Lyft, the ride sharing company, announced that it has come to an agreement with the NYC Taxi and Limousine Commission (TLC) and will launch the service Friday evening at 7PM.

The company wrote: "We've finalized an agreement to offer immediate access to our friendly, affordable rides through a TLC-licensed model."

"This agreement is the first big step in finding a home for Lyft's peer-to-peer model in New York. Community-powered transportation — neighbors driving neighbors in their personal cars — ensures broader access to more affordable rides in places with limited transit options, like the outer boroughs of Brooklyn and Queens."

"Now that we've outlined a path forward with state leaders, we will work together to make peer-to-peer policy progress as we have in numerous other cities and states."

Lyft said that every driver has undergone a screening process, which includes "a strict background check, vehicle inspection and $1,000,000 insurance that provides more than three times the $300,000 minimum for taxis."