Heat olive oil in a large pot over medium heat. Add diced onion, minced garlic and diced bell pepper. Cook over medium heat until onion is translucent, about 5-7 minutes.
Add chopped tomatoes. Cover and simmer over low heat until tomatoes are soft and fully cooked, about 10 minutes.
Remove tomato mixture from stove and add into a large blender. Add the cooked sweet potato and blend until smooth.
Pour the mixture back into the large pot over low heat. Add coconut milk and simmer until coconut milk is warmed through. Season with chopped basil.