British fintech startup Revolut on Thursday that it had received a preliminary banking license with restrictions, bringing to an end a three-year wait.

“Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut,” Revolut’s UK CEO Francesca Carlesi said in a statement.

This breaking news story is being updated.