Language learning application Duolingo has filed for an initial public offering in the US, with revenue doubling in this year’s first quarter

Duolingo filed with the Securities and Exchange Commission to list on the Nasdaq under the ticker symbol “DUOL.”

It has grown 129% between 2019 and 2020. The company was valued at $70.8 million in 2019 to and $161.7 million in 2020.

The app has more than 500 million downloads. It’s the top-grossing app in the education category on both Google Play and the Apple App Store. The company offers courses in 40 languages to about 40 million monthly active users

Where does the company’s income come from?

The vast majority of Duolingo’s revenue comes from subscriptions. The company received 73% of its total top line from subscription incomes over the past year. 17% of the remaining income comes from advertising, and 10% from the company’s Duolingo English test.

More than 2,000 universities and institutions worldwide accept the Duolingo English Test is a language certification.

The company recorded revenue of $55.4 million over the past three months – 97% growth from the same period last year. Duolingo was last valued at $2.4 billion after receiving a $35 million in funding in November.