Duolingo (NASDAQ: DUOL) is the world's biggest digital language education platform. It takes a mobile-first approach, placing gamified and interactive lessons at the fingertips of millions of users worldwide.

The company operates using a freemium business model -- anyone can access its basic tools for free, but those who want to accelerate their learning can pay for a monthly subscription and unlock additional features.

As of the end of the second quarter, Duolingo had a record-high 103.6 million monthly active users -- up 40% from a year earlier. Plus, the number paying for monthly subscriptions grew 52% to an all-time high of 8.0 million.

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Source Fool.com