Online lender Starling Bank has received a U.K. bankinglicense with restrictions, after securing approval by the U.K. Prudential Regulation and FinancialConduct authorities.

The U.K.-based challenger bank said it will launchoperations by January 2017. It will also join the U.K. banking system's FasterPayments network later in 2016, allowing it to offer real-time payments tocustomers.