DoubleBeam Scores $5,000, Grand Prize From SBF Startup Showcase

Pasadena-based DoubleBeam, which develops mobile shopping and payment systems for retailers, has scored $5,000 and the top prize in the Silicon Beach Fest Startup Showcase Competition. DoubleBeam said it won over the 40 companies selected to give 3-minute pitches at the Silicon Beach Fest on Friday.

DoubleBeam, which is led by Ted Tekippe, lets merchants collect payments using electronic checks--rather than credit cards--which helps retailers save a significant amount of money on very expensive credit card processing fees. DoubleBeam says its product can save up to 80% off on interchange fees. Tekippe is a finance veteran, having headed up risk operations at Green Dot, and also serving at Walmart Moneycard and Indymac Bank. The firm's backers include Paul Fiore (Digital Insight) and Shai Stern (CheckAlt, Vintage Filings).