Instagram reaches 700 million users at its fastest-ever growth rate

Instagram is now at 700 million monthly active users, adding 100 million more users in just four months.

The Facebook-owned company announced the growth spurt on Wednesday. It attributed the gains to several reasons, including simplifying the sign-up process and making it easier to find friends on the platform.

Instagram didn't provide updated numbers on daily active users, and did not have new stats for Instagram Stories. That feature, which allows users to post photos and videos that disappear within 24 hours, is a direct competitor to Snapchat.

More than 200 million people used Instagram Stories every day as of April, an impressive feat for Instagram considering the feature was only added in August. In contrast, archrival Snapchat's currently has 161 million daily active users.