There's a lot to like about ASX growth shares that are scaling fast, as these sorts of businesses can significantly grow our wealth in multiple ways.

Of course, there is the obvious benefit of potential capital growth. If a business is growing its profit at a fast rate, then there's a higher chance of capital gains, thanks to the power of compounding. If a business stayed at the same price-earnings (P/E) ratio during its growth journey, the share price would grow at the same speed as the profit.

A bonus effect of growing profit quickly is that the dividends can rapidly rise too.

If a business grows its profit by, say, 15% per year, then the dividend could rise by at least 15% per year, too, if it maintained the dividend payout ratio.

If an ASX growth share had a 2% yield and that dividend grew by 15% per year, in five years, the yield-on-cost would be 4%. In other words, it could double every five years.

While the initial dividend yield may be low, the future dividends could be very appealing for long-term shareholders.

Let's look at two stocks with an impressive record of growing profit and dividends, with expectations of more.

TechnologyOne Ltd (ASX: TNE)

This ASX tech share offers clients a global software as a service (SaaS) enterprise resource planning (ERP) solution. It has more than 1,300 subscribers, including companies, government agencies, local councils, and universities.

This business has a goal of growing its revenue from existing clients by 15% per annum, which may allow the profit to grow by at least 15% per year too. In fact, the profit could grow even faster as the company is targeting rising profit margins in the coming years.

The ASX growth share is aiming to grow its profit before tax (PBT) margin. In the FY24 result, it reported a PBT margin of 30%, and it has a goal of at least 35% in the coming years, driven by the "significant economies of scale" from its software solution.

According to UBS, in FY25, the business is expected to grow its net profit by another 18% to $139 million, and the dividend could be hiked by 16% to 26 cents per share. The broker forecasts that by FY29, TechnologyOne's net profit could rise to $282 million while the dividend could increase to 53 cents per share.

CAR Group Limited (ASX: CAR)

This company owns a number of automotive marketplaces around the world, including in Australia (Carsales), South Korea (Encar), the US (Trade Interactive), and Chile (Chileautos), as well as being a majority shareholder of Webmotors in Brazil.

The business has grown its financials significantly over the last decade. In FY24 alone, its adjusted revenue rose 41% to $1.1 billion, its adjusted operating profit increased 37% to $581 million, and its adjusted net profit rose 24% to $344 million.

The ASX growth share increased its full-year dividend by 20% in FY24, and UBS predicts CAR Group could increase its payout by 11% to 81 cents per share in FY25. UBS also forecasts the company could grow its net profit by 18.75% in FY25 to $304 million.

Net profit is predicted to reach $546 million by FY29, while the dividend could be hiked to $1.32 per share.

In other words, this business is also projected to grow significantly in the next few years.