The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.

Acting Comptroller of the Currency Keith Noreika on Monday gave a ringing endorsement to online lenders seeking to expand into banking, suggesting they should consider taking deposits and seek out national bank charters as they mature.

AutoGravity of Irvine, Calif., has received $30 million in equity financing from VW Credit, according to a source familiar with the matter.

The online lender, which focuses on high-earning millennials, is offering assurances that it will also serve Americans who make less money. But the company has not convinced critics, who say the plans are inadequate.