Facebook's (FB) - Get Facebook, Inc. Class A Report Instagram has eclipsed 700 million active monthly users, with people signing up on the platform at a faster pace than ever before, the Financial Times reports.

Instagram added 100 million users in the past four months and has doubled its user base in the past two years.

Growth is being spurred by making it easier for people to find their friends via the app and improving the process of signing up, Instagram said.

TheStreet Recommends

Facebook acquired Instagram for $1 billion in 2012 when it only had 30 million monthly active users.

Shares of Facebook were higher during early morning trading on Wednesday. 

(Facebookis held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click hereto listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)