The new princess has a name: Charlotte!

Prince William and his wife, Catherine, have named their baby daughter Charlotte, Kensington Palace announced on Monday.

Charlotte was born on Saturday, the second child of the Duke and Duchess of Cambridge. She will be fifth in line to the throne, after her grandfather, father and older brother.

Her full name is Charlotte Elizabeth Diana of Cambridge. Her first middle name comes from her great-grandmother, Queen Elizabeth, and the second from her grandmother, the late Princess Diana.

Betting odds had placed the top choice of Alice over the red-hot name Charlotte, which is also the name of Bill and Hillary Clinton's baby granddaughter.