# Best Axio (Walnut) Alternative in India — Spenco

Axio — the app formerly known as Walnut — made SMS-based expense tracking mainstream in India. But a tracker built on SMS permissions, with a lending business attached, isn't for everyone. If you're looking for an alternative that respects your data more and tells you more than where the money *went*, here's how Spenco compares.

## What to look for in a replacement

- **Data access you control.** SMS-based trackers read your message inbox wholesale. Spenco reads nothing — you set a one-time Gmail/Outlook rule to forward only your bank alert emails. Revoke it any time by deleting the rule.
- **A business model that isn't you.** Free trackers attached to lending businesses monetise by cross-selling credit. Spenco sells the app (Starter free for your first year, then ₹499/yr) — never your data, no loan push, no ads.
- **Forecasting, not just recording.** Every tracker shows last month's pie chart. Spenco projects *next* month: burn rate, days until depleted, month-end balance — recalculated with every transaction.

## Spenco vs Axio at a glance

| | Spenco | Axio |
|---|---|---|
| Data source | Bank alert emails you forward | SMS permissions |
| Business model | Paid app, no data selling | Free, lending business attached |
| Forecasting | Month-end projection, burn rate | — |
| Net worth | Tracker with YoY growth (Pro) | — |
| AI | Ask-your-money chat | — |
| Price | Free first year → ₹499/yr; Pro ₹1,999/yr | Free |

## Honest fit check

Axio still makes sense if you want zero-setup SMS tracking and don't mind the permissions. Spenco is for you if you want privacy-first automatic tracking, a forecast instead of a rear-view mirror, and an app whose only customer is you.

## Common questions

**Is Spenco free like Axio?** Starter is free for your first year, then ₹499/year. That's the business model — you pay for the app, so the app never has to sell your data or push loans.

**Does Spenco need SMS permissions or a bank login?** Neither. A one-time Gmail/Outlook rule forwards only your bank alert emails.

**Which banks does Spenco support?** HDFC, ICICI, Axis, Kotak Mahindra, Canara Bank, Punjab National Bank, and Bank of Baroda, with more rolling out monthly through 2026.

**Can I import my old transaction history?** Yes — on the Pro plan, upload a bank statement PDF and Spenco backfills your history.

Try the live demo at demo.spenco.ai · Start free at app.spenco.ai · All features: /features