The airline carried more than 350,000 passengers in its first year of operations and sold one million seats by December 2014.

[3] In June 2012, Fly540 was acquired by Rubicon Diversified Investments, which intended to merge all of Fly540's operations into its new venture Fastjet.

[5] By August 2015 it had come to operate domestic routes linking Dar es Salaam with Mwanza, Kilimanjaro and Mbeya, and four international routes from Dar es Salaam to Johannesburg, Harare, Entebbe, Lilongwe and Lusaka.

[1] Ultimately unable to generate sufficient cash flow to cover its debts, the airline was declared insolvent and a liquidator appointed on 21 December 2019.

The issue of the shares brought the total Tanzanian legal and beneficial ownership of fastjet Tanzania to 51%.