Ride-sharing company Lyft on Friday announced it has reached an agreement with New York City's Taxi and Limousine Commission (TLC) and will launch in all five boroughs this evening.

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

The service will be available in NYC starting at 7 p.m. on Friday night. The company will offer rides in "all corners" of the city — from Manhattan all the way to Staten Island — starting with a limited beta launch. A full rollout is planned for the coming weeks.

"This agreement is the first big step in finding a home for Lyft's peer-to-peer model in New York," Lyft wrote. "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."

Lyft said it would continue to work with the TLC on new rules for peer-to-peer transportation in New York. As part of its agreement with the city, Lyft will pause operations in Buffalo and Rochester by Aug. 1 while it works with the Attorney General's office to "align New York State's insurance laws and regulations with emerging technologies of the 21st century."

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"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," the company said.

Lyft earlier this month delayed its NYC launch to comply with the city's taxi and limousine regulations. Before that, the company was planning to launch in the outer boroughs of Brooklyn and Queens without the official go-ahead from the TLC. But without having their cars licensed by the TLC, drivers would have risked having their cars seized and getting hit with fines for operating as illegal cabbies.

For the uninitiated, Lyft recruits members of the community who wish to make extra money by offering rides in their own cars. 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."

The NYC launch comes after Lyft in April expanded to 24 new markets throughout the U.S. and lowered its prices. The expansion brought the startup's total number of markets to 60, beating out rival Uber.