Warm olive oil in a medium pot over medium heat. Add the onion, salt, and pepper. Stir to sweat the onion for 3 minutes then lower the heat to low.
Add the fennel and garlic. Continue cooking for 5 minutes. Stir in the paprika and cook for another 1 minute.
Add the entire can of tomatoes and coconut milk and raise the heat to medium-high. Simmer for 5 minutes. Turn off the heat and blend with an immersion blender until it's as smooth as you want it.
While the bisque is very hot, add the prawns and stir. They only need a couple minutes to cook through. Ladle into bowls and garnish with fennel fronds.
*You may leave the prawns out of this soup, which would make it vegan. Prawns or shrimp may be used interchangeably in this recipe. Leave the shrimp whole for a rustic appearance or roughly chop the prawns for easier eating.