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I suppose free email services and the slow death of email has capped their growth.
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The "slow death of email" has been greatly exaggerated! Think of it this way. What person or business doesn't need and have an email address? I suspect the majority of Fastmail's paying customers are using it for business email, and that use case will continue to be critical. Most of us spend all day every day in our email inboxes at work, and even if we instead use something like Slack for internal communications we still have to use email a lot. Fastmail doesn't charge per email sent, but the number of emails sent each year just keeps increasing. I think the future of email is strong.