I would think the majority of the funds being raised would be...

I would think the majority of the funds being raised would be used to expand their credit facility. Given that they are indeed growing, they will need these funds to further expand the debt that they can loan out. They would be using their own cash to be loaning out to their customers as long as they can (borrow cost 0% and they take full margin of their loans out)

If they keep continuing to grow, they will max our their credit facility and just need to go to the market to raise again.

A buy back would be just to ease the shareholders, and there is very very little shareholders outstanding just small fish like us. Remember it is an extremely tightly held company with most shares still with the founders and board.