German banking software company Mambu has opened an office in Sydney, where it hopes to ride the waves of change triggered by the royal commission and the ongoing shift to digital banking.The company has been in business since 2011. It claims to work with fintechs and traditional banks, with clients in 50 countries.Mambu's Asia Pacific managing director Myles Bertrand said in a statement that banks would have to upgrade systems and infrastructure as part of their work to overcome the flaws that led to the misconduct identified in the royal commission.He said the granting of new banking licences would encourage the incumbents to launch new digital services to head off the challengers.The company's entry into the local market is part of an expansion program that has been enabled by a A$47 million capital raising led by Bessemer Venture Partners, a US private equity investor specialising in companies offering software as a service.Existing investors, Acton Capital, CommerzVentures, Point Nine Capital and Runa Capital.